First Trust Advisors LP Boosts Stock Position in GitLab Inc. (NASDAQ:GTLB)

First Trust Advisors LP grew its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,354,477 shares of the company's stock after acquiring an additional 30,083 shares during the quarter. First Trust Advisors LP owned 0.83% of GitLab worth $76,325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares during the period. IMG Wealth Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at approximately $46,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab during the 4th quarter worth about $66,000. Smartleaf Asset Management LLC lifted its stake in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in GitLab by 4,273.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock worth $74,000 after purchasing an additional 1,282 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Insider Activity

In other news, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 323,985 shares of company stock worth $16,234,951 over the last three months. 21.36% of the stock is currently owned by insiders.

GitLab Price Performance

NASDAQ GTLB traded up $1.49 during mid-day trading on Friday, reaching $47.16. 1,566,358 shares of the stock were exchanged, compared to its average volume of 2,541,837. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The stock has a market cap of $7.65 billion, a P/E ratio of -147.38 and a beta of 0.79. The stock has a 50 day simple moving average of $50.60 and a 200-day simple moving average of $57.90.

Analyst Ratings Changes

GTLB has been the subject of several research reports. DA Davidson dropped their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Macquarie restated an "outperform" rating and set a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Mizuho reduced their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a report on Tuesday, March 4th. Finally, Barclays cut their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, GitLab has an average rating of "Moderate Buy" and an average price target of $71.73.

GitLab Company 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.