Smartleaf Asset Management LLC Grows Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Smartleaf Asset Management LLC grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 1,067.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,261 shares of the company’s stock after purchasing an additional 1,153 shares during the quarter. Smartleaf Asset Management LLC’s holdings in GitLab were worth $71,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GTLB. True Wealth Design LLC acquired a new stake in shares of GitLab in the third quarter worth approximately $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab during the fourth quarter worth approximately $66,000. Rakuten Securities Inc. boosted its holdings in shares of 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 purchasing an additional 1,032 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of GitLab by 57.8% during the 4th quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company’s stock valued at $81,000 after buying an additional 526 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of GitLab during the 3rd quarter worth $98,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the sale, the director now directly owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock valued at $44,034,967 in the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GTLB shares. KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Barclays dropped their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Trading Down 3.2 %

GTLB stock opened at $56.38 on Monday. The company has a market capitalization of $9.15 billion, a P/E ratio of -176.19 and a beta of 0.67. The firm has a 50 day simple moving average of $64.31 and a 200-day simple moving average of $59.07. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18.

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.