First Trust Advisors LP Buys 30,083 Shares of GitLab Inc. (NASDAQ:GTLB)

First Trust Advisors LP lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,354,477 shares of the company's stock after purchasing an additional 30,083 shares during the quarter. First Trust Advisors LP owned 0.83% of GitLab worth $76,325,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in GitLab by 5,700.0% during 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 in the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at about $46,000. Raleigh Capital Management Inc. bought a new stake in GitLab in the 4th quarter worth approximately $66,000. Smartleaf Asset Management LLC lifted its position in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after buying an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock worth $74,000 after buying an additional 1,282 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

GitLab Trading Up 3.3 %

GitLab stock traded up $1.49 during trading hours on Friday, hitting $47.16. 1,566,358 shares of the stock traded hands, compared to its average volume of 2,533,200. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company has a market cap of $7.65 billion, a PE ratio of -147.38 and a beta of 0.79. The firm's 50-day moving average price is $51.09 and its two-hundred day moving average price is $57.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GTLB shares. JPMorgan Chase & Co. lowered their price objective on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Barclays lowered their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. Mizuho cut their price target on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. Truist Financial decreased their price objective on GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, DA Davidson dropped their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and a consensus price target of $71.73.

Insider Buying and Selling

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the sale, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company's stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 323,985 shares of company stock valued at $16,234,951 over the last ninety days. Company insiders own 21.36% of the company's stock.

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.