Janney Montgomery Scott LLC lifted its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 11.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,446 shares of the company's stock after purchasing an additional 3,995 shares during the period. Janney Montgomery Scott LLC's holdings in GitLab were worth $2,279,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Future Financial Wealth Managment LLC purchased a new position in GitLab in the 3rd quarter worth about $52,000. True Wealth Design LLC purchased a new position in shares of GitLab in the third quarter worth approximately $56,000. Rakuten Securities Inc. raised its holdings in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of GitLab during the third quarter valued at approximately $96,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of GitLab in the 3rd quarter valued at approximately $98,000. 95.04% of the stock is currently owned by institutional investors.
GitLab Price Performance
NASDAQ:GTLB traded up $1.70 during midday trading on Wednesday, reaching $73.14. The stock had a trading volume of 2,604,520 shares, compared to its average volume of 2,985,121. The stock has a market capitalization of $11.87 billion, a P/E ratio of -228.56 and a beta of 0.63. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The firm's fifty day simple moving average is $62.56 and its 200-day simple moving average is $56.15.
Insider Buying and Selling at GitLab
In other news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 828,283 shares of company stock worth $49,959,990 over the last ninety days. Company insiders own 21.36% of the company's stock.
Analyst Ratings Changes
Several analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Royal Bank of Canada upped their price target on GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Needham & Company LLC restated a "buy" rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. TD Cowen upped their target price on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, November 21st. Finally, Wells Fargo & Company raised their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $76.42.
Get Our Latest Research Report on GitLab
About GitLab
(
Free Report)
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.
Further Reading
Before you consider GitLab, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and GitLab wasn't on the list.
While GitLab currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
