iA Global Asset Management Inc. Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

iA Global Asset Management Inc. purchased a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 131,760 shares of the company's stock, valued at approximately $7,425,000. iA Global Asset Management Inc. owned 0.08% of GitLab at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted 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 worth $29,000 after acquiring an additional 513 shares during the period. IMG Wealth Management Inc. purchased a new stake in shares of GitLab in the fourth quarter worth approximately $46,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth approximately $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab during the fourth quarter valued at approximately $66,000. Finally, Smartleaf Asset Management LLC grew its position in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after purchasing an additional 1,153 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

GitLab Trading Up 1.9 %

GTLB traded up $1.01 during midday trading on Tuesday, reaching $53.13. The company's stock had a trading volume of 1,788,879 shares, compared to its average volume of 2,409,714. The company has a fifty day simple moving average of $62.66 and a 200 day simple moving average of $59.31. The stock has a market cap of $8.62 billion, a P/E ratio of -166.03 and a beta of 0.67. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18.

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Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the sale, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 744,011 shares of company stock worth $44,546,933. Insiders own 21.36% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on GTLB. Robert W. Baird decreased their target price on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. 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 research report on Tuesday, March 4th. Macquarie reiterated an "outperform" rating and set a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.52.

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.