1888 Investments LLC Makes New $1.89 Million Investment in GitLab Inc. (NASDAQ:GTLB)

1888 Investments LLC purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 33,498 shares of the company's stock, valued at approximately $1,888,000. GitLab accounts for 43.9% of 1888 Investments LLC's holdings, making the stock its largest position.

Other large investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of 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 purchasing an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab in the fourth quarter valued at approximately $46,000. True Wealth Design LLC acquired a new position in GitLab in the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab in the fourth quarter valued at approximately $66,000. Finally, Smartleaf Asset Management LLC raised its holdings in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $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.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 6,500 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. This represents a 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,886 shares of company stock valued at $17,736,229. Company insiders own 21.36% of the company's stock.

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GitLab Price Performance

NASDAQ:GTLB traded down $4.14 during mid-day trading on Thursday, reaching $44.19. The stock had a trading volume of 1,713,133 shares, compared to its average volume of 2,425,592. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of -138.09 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18. The stock's 50 day simple moving average is $60.72 and its two-hundred day simple moving average is $59.04.

Analyst Ratings Changes

A number of analysts recently issued reports on GTLB shares. Wells Fargo & Company upped their target price on GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. 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 note on Tuesday, March 4th. The Goldman Sachs Group raised their price target on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a report on Friday, December 6th. DA Davidson dropped their target price on GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, February 28th. Finally, Scotiabank increased their price target on GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $75.09.

GitLab 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.