Sone Capital Management LLC acquired a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 140,489 shares of the company's stock, valued at approximately $7,917,000. Sone Capital Management LLC owned 0.09% of GitLab at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. M&T Bank Corp lifted its holdings in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock valued at $280,000 after purchasing an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock valued at $116,000 after purchasing an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after purchasing an additional 166 shares during the last quarter. Utah Retirement Systems raised its stake in shares of GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after acquiring an additional 200 shares during the period. Finally, Mariner LLC raised its stake in shares of GitLab by 1.7% in the 4th quarter. Mariner LLC now owns 12,583 shares of the company's stock valued at $709,000 after acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on GTLB. Truist Financial cut their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. KeyCorp dropped their price objective on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Barclays dropped their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Finally, Robert W. Baird dropped their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $71.73.
Get Our Latest Analysis on GTLB
GitLab Price Performance
Shares of GitLab stock traded down $0.27 during trading hours on Friday, hitting $47.50. The company had a trading volume of 1,866,308 shares, compared to its average volume of 2,591,914. The company's 50-day moving average is $46.91 and its two-hundred day moving average is $57.02. 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 $7.79 billion, a P/E ratio of -148.44 and a beta of 0.79.
Insider Activity
In related news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now owns 344,105 shares in the company, valued at $18,251,329.20. This represents a 11.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock worth $23,192,574. Corporate insiders own 21.36% of the company's stock.
GitLab Profile
(
Free Report)
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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