MRA Advisory Group Buys Shares of 6,967 GitLab Inc. (NASDAQ:GTLB)

MRA Advisory Group bought a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,967 shares of the company's stock, valued at approximately $327,000.

Several other large investors have also recently bought and sold shares of GTLB. EverSource Wealth Advisors LLC increased its stake in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares during the period. CoreCap Advisors LLC grew its stake in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares during the period. IMG Wealth Management Inc. acquired a new stake in GitLab during the fourth quarter worth approximately $46,000. Smartleaf Asset Management LLC grew its stake in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after purchasing an additional 1,153 shares during the period. Finally, True Wealth Design LLC grew its stake in GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock worth $73,000 after purchasing an additional 216 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Up 2.9%

GitLab stock opened at $48.77 on Friday. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The business has a 50-day simple moving average of $46.22 and a 200 day simple moving average of $56.18. The stock has a market cap of $8.00 billion, a price-to-earnings ratio of -152.41 and a beta of 0.75.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GTLB shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Morgan Stanley decreased their target price on GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Barclays cut their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 4th. Truist Financial dropped their price target on GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Robert W. Baird decreased their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.33.

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total value of $167,635.00. Following the transaction, the director now owns 108,733 shares in the company, valued at $5,608,448.14. This trade represents a 2.90% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock valued at $23,192,574. Insiders own 16.37% of the company's stock.

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.

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