Park Avenue Securities LLC Purchases 2,225 Shares of GitLab Inc. (NASDAQ:GTLB)

Park Avenue Securities LLC lifted its position in GitLab Inc. (NASDAQ:GTLB) by 44.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,220 shares of the company’s stock after acquiring an additional 2,225 shares during the quarter. Park Avenue Securities LLC’s holdings in GitLab were worth $407,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter worth about $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. boosted its position in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the last quarter. Quarry LP boosted its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab in the 3rd quarter worth approximately $96,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on GTLB. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Cantor Fitzgerald raised their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada boosted their price target on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Up 1.3 %

Shares of GTLB opened at $64.79 on Friday. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The stock has a 50 day moving average price of $61.57 and a 200 day moving average price of $55.10. The company has a market capitalization of $10.52 billion, a price-to-earnings ratio of -202.47 and a beta of 0.57.

Insider Transactions at GitLab

In related news, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the sale, the insider now owns 121,893 shares in the company, valued at $7,923,045. This represents a 7.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction on Wednesday, January 15th. The shares were 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. Over the last 90 days, insiders have sold 825,698 shares of company stock worth $49,549,749. Corporate insiders own 21.36% of the company’s stock.

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.