Proficio Capital Partners LLC Makes New $2.32 Million Investment in GitLab Inc. (NASDAQ:GTLB)

Proficio Capital Partners LLC bought a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 41,248 shares of the company's stock, valued at approximately $2,324,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new stake in GitLab in the third quarter worth $678,000. State Street Corp lifted its stake in GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after purchasing an additional 111,997 shares during the last quarter. Barclays PLC lifted its stake in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab in the third quarter worth $6,865,000. Finally, Barton Investment Management lifted its stake in GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after purchasing an additional 167,290 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on GTLB. Truist Financial reissued a "buy" rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. The Goldman Sachs Group boosted their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Mizuho lowered their price target on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. Scotiabank upped their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a research note on Wednesday, December 4th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have issued 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 an average price target of $75.38.

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Insiders Place Their Bets

In other news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is currently owned by company insiders.

GitLab Trading Down 3.2 %

GTLB traded down $1.87 during midday trading on Friday, reaching $56.38. The company's stock had a trading volume of 2,719,391 shares, compared to its average volume of 3,040,418. The firm has a market capitalization of $9.15 billion, a price-to-earnings ratio of -176.19 and a beta of 0.67. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18. The stock's 50-day moving average is $64.31 and its 200-day moving average is $58.99.

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.