8,695 Shares in GitLab Inc. $GTLB Acquired by Belpointe Asset Management LLC

Belpointe Asset Management LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 8,695 shares of the company's stock, valued at approximately $409,000.

A number of other institutional investors also recently modified their holdings of the company. True Wealth Design LLC boosted its stake in shares of GitLab by 20.0% in the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after purchasing an additional 216 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of GitLab by 3.2% in the 1st quarter. MetLife Investment Management LLC now owns 7,762 shares of the company's stock valued at $365,000 after purchasing an additional 242 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after purchasing an additional 334 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of GitLab by 5.3% in the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after purchasing an additional 381 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after purchasing an additional 490 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on GTLB. Piper Sandler reduced their price objective on shares of GitLab from $85.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, September 4th. Raymond James Financial cut their target price on shares of GitLab from $60.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, September 4th. Mizuho cut their target price on shares of GitLab from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Friday, September 5th. UBS Group cut their target price on shares of GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Finally, DA Davidson cut their target price on shares of GitLab from $50.00 to $45.00 and set a "neutral" rating on the stock in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $58.88.

GitLab Stock Performance

NASDAQ GTLB opened at $50.30 on Monday. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The company has a 50-day simple moving average of $45.13 and a 200 day simple moving average of $46.61. The company has a market capitalization of $8.39 billion, a PE ratio of -1,257.50 and a beta of 0.74.

Insider Buying and Selling

In other news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director owned 103,889 shares in the company, valued at $4,675,005. This trade represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Jacobson sold 143,205 shares of GitLab stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $46.80, for a total transaction of $6,701,994.00. Following the completion of the transaction, the director owned 498,098 shares of the company's stock, valued at $23,310,986.40. The trade was a 22.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 499,555 shares of company stock worth $22,226,966. Insiders own 21.36% of the company's stock.

GitLab Company 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.

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