The Manufacturers Life Insurance Company Boosts Stake in GitLab Inc. (NASDAQ:GTLB)

The Manufacturers Life Insurance Company boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 5.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,377 shares of the company’s stock after purchasing an additional 1,417 shares during the period. The Manufacturers Life Insurance Company’s holdings in GitLab were worth $1,514,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of GTLB. Bank of Marin increased its stake in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares in the last quarter. Moloney Securities Asset Management LLC grew its position in shares of GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after purchasing an additional 300 shares in the last quarter. Canton Hathaway LLC grew its position in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after purchasing an additional 435 shares in the last quarter. Blue Trust Inc. lifted its holdings in GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after purchasing an additional 488 shares in the last quarter. Finally, Caprock Group LLC lifted its holdings in shares of GitLab by 1.9% in the second quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock worth $1,555,000 after buying an additional 586 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insiders Place Their Bets

In other GitLab news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares of the company’s stock, valued at $7,484,180. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 178,365 shares of company stock worth $10,350,684. 21.36% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GTLB. The Goldman Sachs Group lifted their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. UBS Group upped their price objective on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Morgan Stanley raised their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Wells Fargo & Company upped their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, DA Davidson increased their price objective on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.88.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $61.58 on Wednesday. The firm’s 50 day simple moving average is $58.22 and its 200-day simple moving average is $52.27. The firm has a market cap of $9.88 billion, a PE ratio of -192.44 and a beta of 0.54. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.