GitLab Inc. (NASDAQ:GTLB) Stake Lifted by Rhumbline Advisers

Rhumbline Advisers increased its position in shares of GitLab Inc. (NASDAQ:GTLB) by 5.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,312 shares of the company’s stock after purchasing an additional 7,837 shares during the period. Rhumbline Advisers owned 0.09% of GitLab worth $8,470,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new stake in shares of GitLab in the 3rd quarter worth $56,000. Raleigh Capital Management Inc. bought a new stake in GitLab in the fourth quarter worth about $66,000. Rakuten Securities Inc. lifted its holdings in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in GitLab in the 3rd quarter valued at about $96,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of GitLab during the 3rd quarter valued at about $98,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Down 2.9 %

GTLB stock opened at $62.28 on Tuesday. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of -194.63 and a beta of 0.63. The firm has a 50 day moving average of $64.11 and a two-hundred day moving average of $57.96. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $76.41.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 740,257 shares of company stock worth $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on GTLB shares. Mizuho increased their target price on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. The Goldman Sachs Group increased their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. TD Cowen lifted their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, January 7th. Finally, Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note 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 issued a strong buy rating to the company. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $76.62.

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.