Summit Global Investments Has $699,000 Position in GitLab Inc. (NASDAQ:GTLB)

Summit Global Investments raised its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 183.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,862 shares of the company's stock after purchasing an additional 9,620 shares during the quarter. Summit Global Investments' holdings in GitLab were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in GTLB. Norges Bank acquired a new stake in GitLab in the 4th quarter valued at approximately $279,089,000. Ameriprise Financial Inc. grew its stake in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the period. Alliancebernstein L.P. raised its stake in shares of GitLab by 4,042.0% during 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 lifted its holdings in GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock worth $61,654,000 after purchasing an additional 931,396 shares during the period. Institutional investors own 95.04% of the company's stock.

GitLab Stock Up 2.5%

Shares of GitLab stock traded up $1.12 on Tuesday, hitting $46.67. 4,168,278 shares of the company traded hands, compared to its average volume of 2,605,111. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a market cap of $7.65 billion, a PE ratio of -145.84 and a beta of 0.79. The company has a 50-day moving average price of $46.28 and a 200 day moving average price of $56.38.

Analyst Ratings Changes

A number of analysts have commented on the stock. KeyCorp dropped their price target 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. JPMorgan Chase & Co. dropped their target price on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Wells Fargo & Company decreased their price target on GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Royal Bank of Canada reiterated an "outperform" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Truist Financial cut their price objective on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a report on Monday, March 31st. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $71.73.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the sale, the director now directly owns 108,733 shares of the company's stock, valued at $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction 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 trade represents a 23.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 461,584 shares of company stock valued at $23,192,574. Insiders own 16.37% of the company's stock.

About GitLab

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.