Truist Financial Corp Grows Stock Position in GitLab Inc. (NASDAQ:GTLB)

Truist Financial Corp lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 32.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,078 shares of the company’s stock after purchasing an additional 5,406 shares during the period. Truist Financial Corp’s holdings in GitLab were worth $1,244,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wilmington Savings Fund Society FSB boosted its holdings in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after buying an additional 150 shares during the last quarter. Bank of Marin boosted its holdings 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 during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in GitLab by 0.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after buying an additional 281 shares during the last quarter. Glenmede Trust Co. NA boosted its holdings in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares during the last quarter. Finally, Quarry LP boosted its holdings in GitLab by 56.3% in the 3rd quarter. Quarry LP now owns 2,793 shares of the company’s stock worth $144,000 after buying an additional 1,006 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Stock Up 0.3 %

Shares of NASDAQ GTLB opened at $60.21 on Friday. The firm has a market cap of $9.77 billion, a price-to-earnings ratio of -188.16 and a beta of 0.63. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $76.41. The business’s 50 day moving average is $64.38 and its two-hundred day moving average is $58.40.

Analysts Set New Price Targets

Several research firms recently issued reports on GTLB. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Morgan Stanley boosted their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Cantor Fitzgerald boosted their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Piper Sandler boosted their target price on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their target price on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.23.

Insider Transactions at GitLab

In other news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares in the company, valued at $3,491,888.12. This represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is currently owned by company insiders.

GitLab Company 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.