Wealth Enhancement Advisory Services LLC Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Wealth Enhancement Advisory Services LLC raised its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 15.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 105,307 shares of the company's stock after buying an additional 14,143 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.06% of GitLab worth $5,934,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of GitLab in the 4th quarter worth about $279,089,000. Ameriprise Financial Inc. raised its position in GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership raised its position in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after purchasing an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock valued at $61,654,000 after purchasing an additional 931,396 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GTLB has been the subject of several research reports. Mizuho cut their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. KeyCorp lowered their price objective on GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and an average target price of $71.33.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the transaction, the chief financial officer now owns 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 over the last 90 days. Corporate insiders own 16.37% of the company's stock.

GitLab Price Performance

GTLB stock traded up $0.72 during midday trading on Wednesday, reaching $47.39. 3,632,889 shares of the company's stock traded hands, compared to its average volume of 2,584,478. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The business has a 50-day moving average price of $46.21 and a two-hundred day moving average price of $56.32. The company has a market capitalization of $7.77 billion, a P/E ratio of -148.09 and a beta of 0.79.

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.