Beacon Pointe Advisors LLC Invests $1.70 Million in GitLab Inc. (NASDAQ:GTLB)

Beacon Pointe Advisors LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 30,082 shares of the company's stock, valued at approximately $1,695,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barclays PLC raised its stake in shares of GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after buying an additional 40,171 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of GitLab in the third quarter valued at $98,000. Franklin Resources Inc. increased its stake in GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. Everence Capital Management Inc. purchased a new position in GitLab during the fourth quarter worth about $221,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in GitLab by 0.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company's stock worth $4,713,000 after buying an additional 281 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Activity at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares of the company's stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director now directly owns 111,983 shares of the company's stock, valued at $5,039,235. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 304,734 shares of company stock worth $14,879,081. 21.36% of the stock is owned by company insiders.

GitLab Trading Down 2.3 %

Shares of GTLB stock traded down $1.07 on Monday, hitting $45.48. The stock had a trading volume of 2,130,367 shares, compared to its average volume of 2,548,732. The firm has a market cap of $7.38 billion, a P/E ratio of -142.13 and a beta of 0.79. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a fifty day moving average price of $48.80 and a two-hundred day moving average price of $57.63.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GTLB shares. 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 research note on Wednesday, April 16th. Robert W. Baird dropped their price target on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Mizuho reduced their price target on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. DA Davidson lowered their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their price objective on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $71.73.

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.