Belpointe Asset Management LLC Buys Shares of 8,695 GitLab Inc. $GTLB

Key Points

• Belpointe Asset Management LLC acquired 8,695 shares of GitLab Inc. ($GTLB), valued at approximately $409,000, during the first quarter.
• Analyst ratings for GitLab have seen multiple price target cuts, with Piper Sandler lowering its target from $85 to $70, while maintaining an "overweight" rating.
• Insider transactions revealed that Directors Karen Blasing and Matthew Jacobson sold 3,250 and 143,205 shares of GitLab stock, respectively, which represented significant decreases in their holdings.

Belpointe Asset Management LLC purchased a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,695 shares of the company's stock, valued at approximately $409,000.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in GitLab by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock valued at $631,936,000 after buying an additional 302,864 shares in the last quarter. Eminence Capital LP increased its position in GitLab by 13.6% during the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock valued at $117,415,000 after buying an additional 299,191 shares in the last quarter. Ameriprise Financial Inc. increased its position in GitLab by 15.4% during the 1st quarter. Ameriprise Financial Inc. now owns 2,487,608 shares of the company's stock valued at $116,919,000 after buying an additional 332,592 shares in the last quarter. ARK Investment Management LLC increased its position in GitLab by 109.1% during the 1st quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock valued at $114,038,000 after buying an additional 1,265,830 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after buying an additional 2,205,238 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $50.08, for a total transaction of $162,760.00. Following the transaction, the director owned 100,639 shares in the company, valued at approximately $5,040,001.12. This represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $45.16, for a total value of $4,904,376.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 611,405 shares of company stock worth $27,834,930. 16.37% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GTLB shares. JPMorgan Chase & Co. dropped their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 11th. Piper Sandler dropped their price target on GitLab from $85.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, September 4th. UBS Group dropped their price target on GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Zacks Research upgraded GitLab from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Finally, Barclays dropped their price target on GitLab from $47.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, GitLab has an average rating of "Moderate Buy" and a consensus price target of $58.88.

GitLab Price Performance

GTLB stock traded down $0.39 during mid-day trading on Thursday, reaching $50.04. 4,304,320 shares of the company's stock were exchanged, compared to its average volume of 6,210,113. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -1,251.00 and a beta of 0.75. The stock's 50 day moving average is $45.44 and its 200 day moving average is $46.55. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18.

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.