Raymond James Financial Inc. Makes New $3.39 Million Investment in GitLab Inc. (NASDAQ:GTLB)

Raymond James Financial Inc. purchased a new stake in 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 purchased 60,195 shares of the company's stock, valued at approximately $3,392,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC lifted its position in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of GitLab in the third quarter valued at approximately $6,865,000. Swiss National Bank grew its position in GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock worth $12,115,000 after purchasing an additional 7,700 shares in the last quarter. Barton Investment Management grew its stake in GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company's stock valued at $18,914,000 after purchasing an additional 167,290 shares during the period. Finally, Jackson Square Capital LLC raised its holdings in shares of GitLab by 328.1% in the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock worth $2,062,000 after purchasing an additional 28,050 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GTLB shares. Truist Financial lowered their price target on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Cantor Fitzgerald reissued an "overweight" rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Morgan Stanley lowered their price objective on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.73.

GitLab Stock Performance

Shares of NASDAQ GTLB traded down $0.49 during midday trading on Friday, reaching $46.47. The stock had a trading volume of 405,399 shares, compared to its average volume of 2,535,240. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of -145.75 and a beta of 0.79. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a 50-day moving average of $49.08 and a 200-day moving average of $57.64.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 314,734 shares of company stock worth $15,587,381. 21.36% of the stock is owned by corporate insiders.

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.