Castle Rock Wealth Management LLC Takes Position in GitLab Inc. $GTLB

Key Points

• Castle Rock Wealth Management LLC acquired a new stake in GitLab Inc., purchasing 28,609 shares valued at approximately $1.3 million.
• Insider trading activity included Director Matthew Jacobson selling 396,147 shares valued at over $20 million, significantly reducing his ownership in the company.
• GitLab's stock is currently down 2.1%, with analysts setting varying price targets between $44.00 and $70.00, indicating mixed sentiment among investment groups.

Castle Rock Wealth Management LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 28,609 shares of the company's stock, valued at approximately $1,304,000.

Several other large investors have also recently bought and sold shares of GTLB. GAMMA Investing LLC boosted its position in GitLab by 9,968.3% during the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after purchasing an additional 42,764 shares during the last quarter. Merit Financial Group LLC boosted its position in GitLab by 72.5% during the first quarter. Merit Financial Group LLC now owns 12,420 shares of the company's stock valued at $584,000 after purchasing an additional 5,220 shares during the last quarter. Park Avenue Securities LLC boosted its position in GitLab by 5.3% during the first 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. Wealthcare Advisory Partners LLC boosted its position in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Avanza Fonder AB boosted its position in GitLab by 186.0% during the first quarter. Avanza Fonder AB now owns 14,121 shares of the company's stock valued at $682,000 after purchasing an additional 9,183 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other GitLab news, Director Matthew Jacobson sold 396,147 shares of GitLab stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the transaction, the director directly owned 73,299 shares of the company's stock, valued at approximately $3,703,798.47. The trade was a 84.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Simon Mundy sold 5,191 shares of GitLab stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total value of $228,352.09. Following the transaction, the chief accounting officer directly owned 53,507 shares in the company, valued at $2,353,772.93. The trade was a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,224,362 shares of company stock valued at $59,723,796 over the last 90 days. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Down 2.1%

NASDAQ GTLB opened at $46.15 on Wednesday. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a market cap of $7.69 billion, a price-to-earnings ratio of -1,153.75 and a beta of 0.73. The business's fifty day moving average is $45.94 and its 200 day moving average is $45.90.

Analysts Set New Price Targets

Several brokerages recently commented on GTLB. Barclays reduced their price target on GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, September 5th. Royal Bank Of Canada reiterated an "outperform" rating and set a $62.00 target price on shares of GitLab in a research note on Wednesday, June 25th. UBS Group lowered their target price on GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Canaccord Genuity Group lowered their price objective on GitLab from $76.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of GitLab in a research note on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, GitLab currently has an average rating of "Moderate Buy" and a consensus target price of $58.83.

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.

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