Proficio Capital Partners LLC acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB – Free Report) 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
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.
View Our Latest Stock Analysis on GitLab
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.
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