KLP Kapitalforvaltning AS purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,500 shares of the company's stock, valued at approximately $1,381,000.
Other large investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after acquiring an additional 513 shares during the last quarter. IMG Wealth Management Inc. bought a new stake in shares of GitLab during the 4th quarter valued at approximately $46,000. True Wealth Design LLC bought a new stake in shares of GitLab during the 3rd quarter valued at approximately $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab during the 4th quarter worth approximately $66,000. Finally, 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 purchasing an additional 1,153 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.
Insider Activity
In related news, insider Sytse Sijbrandij sold 84,000 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the transaction, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. The trade was a 4.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,886 shares of company stock worth $17,736,229 in the last three months. Company insiders own 21.36% of the company's stock.
GitLab Stock Down 12.0 %
NASDAQ:GTLB traded down $5.80 during trading hours on Thursday, reaching $42.53. The company had a trading volume of 3,799,022 shares, compared to its average volume of 2,437,191. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The firm has a market cap of $6.90 billion, a price-to-earnings ratio of -132.91 and a beta of 0.67. The business's 50-day simple moving average is $60.29 and its two-hundred day simple moving average is $58.92.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on GTLB. Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. DA Davidson lowered their target price on GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, February 28th. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Robert W. Baird reduced their price target on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Finally, Barclays dropped their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $75.09.
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GitLab Profile
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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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