Taylor Frigon Capital Management LLC Purchases New Stake in GitLab Inc. $GTLB

Key Points

• Taylor Frigon Capital Management LLC has acquired a new position in GitLab Inc. by purchasing 47,442 shares worth approximately $2,140,000.
• Various institutional investors have also increased their stakes in GitLab, with combined ownership now reaching 95.04% of the company’s stock.
• Analysts have recently adjusted their price targets for GitLab, with Barclays lowering it from $47.00 to $44.00, while FBN Securities upgraded the stock to a "strong-buy" rating.

Taylor Frigon Capital Management LLC acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 47,442 shares of the company's stock, valued at approximately $2,140,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MetLife Investment Management LLC raised its holdings in shares of GitLab by 3.2% during the 1st quarter. MetLife Investment Management LLC now owns 7,762 shares of the company's stock worth $365,000 after acquiring an additional 242 shares during the period. Cullen Frost Bankers Inc. increased its position in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after purchasing an additional 334 shares during the last quarter. Park Avenue Securities LLC raised its stake in GitLab by 5.3% during the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock worth $357,000 after purchasing an additional 381 shares during the period. GAMMA Investing LLC boosted its holdings in GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after purchasing an additional 490 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in GitLab by 7.2% in the 1st quarter. Amalgamated Bank now owns 8,537 shares of the company's stock valued at $401,000 after purchasing an additional 571 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Price Performance

NASDAQ GTLB opened at $47.47 on Monday. The company has a market cap of $7.91 billion, a P/E ratio of -1,186.75 and a beta of 0.74. The stock has a 50-day moving average of $46.05 and a two-hundred day moving average of $46.12. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on GTLB shares. Barclays cut their price target on shares of GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, September 5th. Wells Fargo & Company cut their target price on GitLab from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. UBS Group reduced their target price on GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. KeyCorp lowered their price target on GitLab from $60.00 to $53.00 and set an "overweight" rating for the company in a report on Thursday, September 4th. Finally, FBN Securities upgraded shares of GitLab to a "strong-buy" rating in a report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, GitLab presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.88.

Insider Buying and Selling

In other news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $50.08, for a total transaction of $162,760.00. Following the sale, the director owned 100,639 shares of the company's stock, valued at approximately $5,040,001.12. This represents a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $50.16, for a total value of $3,189,523.92. Following the completion of the transaction, the director owned 820 shares of the company's stock, valued at approximately $41,131.20. This trade represents a 98.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,219,171 shares of company stock valued at $59,495,444 in the last ninety days. Company insiders own 21.36% 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.

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