Charles Schwab Investment Management Inc. Purchases 40,679 Shares of GitLab Inc. (NASDAQ:GTLB)

Charles Schwab Investment Management Inc. lifted its position in shares of GitLab Inc. (NASDAQ:GTLB) by 5.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 792,094 shares of the company’s stock after buying an additional 40,679 shares during the period. Charles Schwab Investment Management Inc. owned about 0.49% of GitLab worth $44,634,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GSA Capital Partners LLP bought a new position in GitLab in the third quarter valued at $1,055,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of GitLab by 6,821.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after buying an additional 293,332 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock valued at $18,155,000 after acquiring an additional 126,578 shares in the last quarter. Huntington National Bank increased its position in shares of GitLab by 87,204.1% in the third quarter. Huntington National Bank now owns 63,732 shares of the company’s stock valued at $3,285,000 after acquiring an additional 63,659 shares during the last quarter. Finally, OneDigital Investment Advisors LLC bought a new stake in GitLab during the third quarter worth about $200,000. 95.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GTLB has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. TD Cowen boosted their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. KeyCorp upped their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Scotiabank increased their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Three 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’s stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average price target of $75.38.

Insider Activity at GitLab

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 730,257 shares of company stock worth $44,034,967. 21.36% of the stock is owned by company insiders.

GitLab Trading Up 4.2 %

GitLab stock opened at $52.08 on Friday. The business’s 50 day simple moving average is $63.76 and its 200 day simple moving average is $59.07. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18. The company has a market cap of $8.45 billion, a price-to-earnings ratio of -162.75 and a beta of 0.67.

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.