National Bank of Canada FI Invests $370,000 in GitLab Inc. (NASDAQ:GTLB)

National Bank of Canada FI acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,567 shares of the company's stock, valued at approximately $370,000.

A number of other hedge funds have also bought and sold shares of the company. Franklin Resources Inc. lifted its position in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after purchasing an additional 470,192 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after buying an additional 1,420,248 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its position in GitLab by 1,207.5% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 22,502 shares of the company's stock valued at $1,268,000 after buying an additional 20,781 shares during the period. Wellington Management Group LLP increased its position in shares of GitLab by 15.3% during the fourth quarter. Wellington Management Group LLP now owns 743,492 shares of the company's stock worth $41,896,000 after acquiring an additional 98,496 shares during the period. Finally, 1888 Investments LLC bought a new stake in shares of GitLab during the fourth quarter valued at approximately $1,888,000. Institutional investors own 95.04% of the company's stock.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 221,386 shares of company stock valued at $12,034,334 in the last three months. 21.36% of the stock is currently owned by corporate insiders.

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GitLab Stock Performance

GitLab stock traded down $0.72 during midday trading on Wednesday, hitting $42.93. 250,761 shares of the company were exchanged, compared to its average volume of 2,498,079. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a market capitalization of $6.97 billion, a PE ratio of -134.31 and a beta of 0.79. The business has a fifty day simple moving average of $54.83 and a two-hundred day simple moving average of $58.28.

Analysts Set New Price Targets

Several research analysts have commented on GTLB shares. Mizuho reduced their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Macquarie restated an "outperform" rating and issued a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. DA Davidson dropped their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research note on Monday. Finally, Needham & Company LLC restated a "buy" rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $74.64.

About GitLab

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.