Concentric Capital Strategies LP Purchases 63,414 Shares of GitLab Inc. (NASDAQ:GTLB)

Concentric Capital Strategies LP raised its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 134.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 110,417 shares of the company's stock after buying an additional 63,414 shares during the quarter. Concentric Capital Strategies LP owned 0.07% of GitLab worth $6,222,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC increased its position in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab in the 4th quarter worth about $46,000. Raleigh Capital Management Inc. acquired a new position in GitLab in the 4th quarter worth about $66,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Trading Up 5.4%

Shares of GTLB stock traded up $2.66 during trading hours on Monday, hitting $51.82. 749,313 shares of the company were exchanged, compared to its average volume of 2,552,477. The company has a market capitalization of $8.41 billion, a PE ratio of -161.81 and a beta of 0.79. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The business has a 50 day moving average of $47.55 and a two-hundred day moving average of $57.38.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on GTLB shares. Macquarie reiterated an "outperform" rating and issued a $90.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Mizuho lowered their target price 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. Robert W. Baird lowered their target price on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Wells Fargo & Company decreased their price target on GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $80.00 target price on shares of GitLab in a report 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 stock. According to data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and a consensus price target of $71.73.

Insider Buying and Selling

In other GitLab 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 transaction of $8,001,948.56. Following the sale, the director now directly owns 493,554 shares of the company's stock, valued at $25,832,616.36. The trade was a 23.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 304,734 shares of company stock valued at $14,879,081. Company insiders own 16.37% 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.