Raymond James Financial Inc. Purchases Shares of 60,195 GitLab Inc. (NASDAQ:GTLB)

Raymond James Financial Inc. purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 60,195 shares of the company’s stock, valued at approximately $3,392,000.

Other large investors also recently modified their holdings of the company. Arizona State Retirement System increased its stake in shares of GitLab by 3.7% during the 4th quarter. Arizona State Retirement System now owns 31,699 shares of the company’s stock worth $1,786,000 after purchasing an additional 1,130 shares during the last quarter. Proficio Capital Partners LLC bought a new position in GitLab during the fourth quarter worth about $2,324,000. M&T Bank Corp grew its holdings in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after purchasing an additional 148 shares during the period. Atria Investments Inc acquired a new position in GitLab during the fourth quarter worth approximately $361,000. Finally, Assetmark Inc. raised its stake in GitLab by 5.2% in the fourth quarter. Assetmark Inc. now owns 44,285 shares of the company’s stock valued at $2,495,000 after buying an additional 2,182 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Trading Down 2.4 %

Shares of GTLB opened at $50.18 on Friday. The company has a market cap of $8.14 billion, a price-to-earnings ratio of -156.81 and a beta of 0.67. The business’s fifty day simple moving average is $61.99 and its two-hundred day simple moving average is $59.20. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18.

Insider Buying and Selling at GitLab

In other GitLab news, Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $56.26, for a total value of $1,125,200.00. Following the transaction, the director now directly owns 184,913 shares in the company, valued at approximately $10,403,205.38. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 349,216 shares of company stock worth $19,841,492. Company insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Scotiabank raised their price objective on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their price objective on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Mizuho lowered their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Finally, Macquarie reissued an “outperform” rating and set a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

About GitLab

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.