QRG Capital Management Inc. Takes $2.31 Million Position in GitLab Inc. $GTLB

Key Points

• QRG Capital Management Inc. has acquired a new stake in GitLab Inc., purchasing 51,185 shares valued at approximately $2.31 million during the second quarter.
• Insider trading activity has seen significant sales, with Director Matthew Jacobson and another director offloading over 172,000 shares collectively in recent transactions.
• GitLab's market performance reflects a 1-year low of $37.90 and a high of $74.18, with current analyst ratings indicating a consensus target price of $58.83.

QRG Capital Management Inc. acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 51,185 shares of the company's stock, valued at approximately $2,309,000.

Other institutional investors also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted 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 acquiring an additional 334 shares in the last quarter. Twin Tree Management LP purchased a new stake in shares of GitLab during the 1st quarter worth $29,000. Cloud Capital Management LLC purchased a new stake in shares of GitLab during the 1st quarter worth $29,000. Harbour Investments Inc. raised its holdings in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at GitLab

In related news, Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the completion of the sale, the director owned 820 shares of the company's stock, valued at $41,131.20. The trade was a 98.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $50.14, for a total transaction of $5,445,204.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,224,362 shares of company stock worth $59,723,796 in the last 90 days. 21.36% of the stock is owned by company insiders.

GitLab Price Performance

NASDAQ GTLB opened at $46.15 on Wednesday. The stock's fifty day moving average price is $45.94 and its 200 day moving average price is $45.90. GitLab Inc. has a 1 year low of $37.90 and a 1 year 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.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on GTLB shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 target price on shares of GitLab in a report on Thursday, September 4th. The Goldman Sachs Group restated a "neutral" rating and issued a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. Wells Fargo & Company assumed coverage on shares of GitLab in a research note on Tuesday, September 30th. They issued an "equal weight" rating and a $50.00 target price for the company. Capital One Financial lowered GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price objective for the company. in a report on Wednesday, July 16th. Finally, Macquarie reiterated an "outperform" rating and set a $75.00 price objective on shares of GitLab in a report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.83.

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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