Proficio Capital Partners LLC Purchases New Position in GitLab Inc. (NASDAQ:GTLB)

Proficio Capital Partners LLC acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 41,248 shares of the company’s stock, valued at approximately $2,324,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. True Wealth Design LLC bought a new position in shares of GitLab in the 3rd quarter valued at $56,000. Raleigh Capital Management Inc. bought a new position in GitLab in the fourth quarter valued at about $66,000. Smartleaf Asset Management LLC raised its position in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of GitLab by 4,273.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after purchasing an additional 1,282 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of GitLab by 57.8% during the fourth quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company’s stock worth $81,000 after purchasing an additional 526 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Insider Buying and Selling

In related news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 727,007 shares of company stock worth $43,843,249 in the last ninety days. Corporate insiders own 21.36% of the company’s stock.

GitLab Stock Performance

Shares of GitLab stock opened at $49.89 on Wednesday. The stock has a market capitalization of $8.10 billion, a PE ratio of -155.91 and a beta of 0.67. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18. The stock has a 50 day moving average price of $63.36 and a two-hundred day moving average price of $59.29.

Analysts Set New Price Targets

GTLB has been the topic of several recent research reports. DA Davidson cut their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. The Goldman Sachs Group lifted their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, Piper Sandler upped their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average target price of $75.38.

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.