Diversified Trust Co Grows Stock Position in GitLab Inc. $GTLB

Key Points

• Diversified Trust Co increased its stake in GitLab Inc. by 373.2% during the second quarter, acquiring a total of 34,817 shares valued at approximately $1,571,000.
• Several institutional investors, including Point72 Asset Management and Public Employees Retirement System of Ohio, significantly boosted their holdings in GitLab during the fourth quarter, highlighting increased investor interest.
• GitLab has received a range of analyst ratings, with an average price target of $58.88 and a consensus rating of "Moderate Buy," indicating positive market sentiment surrounding the company's growth prospects.

Diversified Trust Co grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 373.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 34,817 shares of the company's stock after acquiring an additional 27,459 shares during the quarter. Diversified Trust Co's holdings in GitLab were worth $1,571,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. increased its position in GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after buying an additional 334 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of GitLab in the first quarter worth about $29,000. Cloud Capital Management LLC purchased a new position in shares of GitLab in the 1st quarter worth approximately $29,000. Harbour Investments Inc. boosted its holdings in shares of GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

GitLab Price Performance

NASDAQ:GTLB traded down $0.72 on Monday, reaching $49.48. The stock had a trading volume of 3,026,591 shares, compared to its average volume of 6,254,092. The stock has a fifty day moving average price of $45.74 and a 200-day moving average price of $46.23. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.

Insider Buying and Selling at GitLab

In other news, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $50.14, for a total transaction of $5,445,204.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $50.08, for a total transaction of $162,760.00. Following the completion of the transaction, the director owned 100,639 shares of the company's stock, valued at $5,040,001.12. The trade was a 3.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,054,852 shares of company stock worth $50,219,603 over the last 90 days. Company insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. Needham & Company LLC reiterated a "buy" rating and set a $55.00 price target on shares of GitLab in a research note on Thursday, September 4th. Cowen reissued a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Zacks Research raised shares of GitLab from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Finally, Capital One Financial lowered GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price on the stock. in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $58.88.

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.