SG Americas Securities LLC Increases Position in GitLab Inc. (NASDAQ:GTLB)

SG Americas Securities LLC raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 594.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,074 shares of the company’s stock after acquiring an additional 13,761 shares during the period. SG Americas Securities LLC’s holdings in GitLab were worth $906,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jackson Square Capital LLC lifted its holdings in GitLab by 328.1% during the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock valued at $2,062,000 after purchasing an additional 28,050 shares in the last quarter. Westend Capital Management LLC boosted its position in shares of GitLab by 82.5% during the 4th quarter. Westend Capital Management LLC now owns 174,666 shares of the company’s stock worth $9,842,000 after purchasing an additional 78,940 shares during the period. Merit Financial Group LLC purchased a new stake in shares of GitLab in the 4th quarter valued at $406,000. Avanza Fonder AB purchased a new position in shares of GitLab in the fourth quarter valued at approximately $278,000. Finally, Wealthcare Advisory Partners LLC purchased a new stake in shares of GitLab during the fourth quarter worth $311,000. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Trading Up 12.3 %

Shares of GitLab stock opened at $72.75 on Wednesday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a market capitalization of $11.81 billion, a PE ratio of -227.34 and a beta of 0.57. The firm’s 50 day moving average is $61.76 and its 200 day moving average is $55.34.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $60.19, for a total value of $1,203,800.00. Following the transaction, the director now owns 204,913 shares of the company’s stock, valued at $12,333,713.47. The trade was a 8.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 825,698 shares of company stock worth $49,549,749 over the last ninety days. 21.36% of the stock is owned by insiders.

Analyst Ratings Changes

GTLB has been the topic of a number of analyst reports. Macquarie restated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research note on Wednesday, January 15th. KeyCorp lifted their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Piper Sandler lifted their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Scotiabank lifted their price target on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group raised their target price on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Profile

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.