Congress Wealth Management LLC DE Invests $424,000 in GitLab Inc. (NASDAQ:GTLB)

Congress Wealth Management LLC DE acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,525 shares of the company's stock, valued at approximately $424,000.

Other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its holdings in shares of 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 purchasing an additional 513 shares during the period. IMG Wealth Management Inc. acquired a new position in GitLab in the 4th quarter worth approximately $46,000. True Wealth Design LLC purchased a new position in GitLab during the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab during the 4th quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of 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 acquiring an additional 1,153 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at GitLab

In other 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 Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 7,330 shares of GitLab stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total value of $417,663.40. Following the transaction, the insider now owns 121,893 shares in the company, valued at approximately $6,945,463.14. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 329,216 shares of company stock valued at $18,716,292. Corporate insiders own 21.36% of the company's stock.

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Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent research reports. Truist Financial reduced their price objective on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Monday. KeyCorp boosted their price target on GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. The Goldman Sachs Group boosted their target price on shares of GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Finally, Wells Fargo & Company raised their price target on shares of GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $75.09.

GitLab Stock Performance

Shares of NASDAQ GTLB traded up $0.17 during mid-day trading on Wednesday, reaching $47.82. The company's stock had a trading volume of 192,891 shares, compared to its average volume of 2,421,020. The stock has a 50-day moving average of $61.03 and a two-hundred day moving average of $59.11. The stock has a market capitalization of $7.76 billion, a P/E ratio of -149.54 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18.

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.