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

Proficio Capital Partners LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 41,248 shares of the company's stock, valued at approximately $2,324,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. M&T Bank Corp lifted its position in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock worth $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its position in GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock worth $116,000 after buying an additional 150 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in GitLab by 0.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company's stock worth $4,713,000 after buying an additional 281 shares during the period. Glenmede Trust Co. NA lifted its position in GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company's stock worth $596,000 after buying an additional 334 shares during the period. Finally, IFP Advisors Inc lifted its position in GitLab by 9.3% during the fourth quarter. IFP Advisors Inc now owns 4,949 shares of the company's stock worth $279,000 after buying an additional 423 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

GTLB traded down $0.21 on Friday, reaching $50.95. The company's stock had a trading volume of 2,472,987 shares, compared to its average volume of 2,411,247. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of -159.22 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 business's 50 day moving average is $62.77 and its 200 day moving average is $59.20.

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Insider Activity at GitLab

In related news, Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $60.19, for a total value of $1,203,800.00. Following the completion of the transaction, the director now owns 204,913 shares of the company's stock, valued at approximately $12,333,713.47. This represents a 8.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 764,011 shares of company stock valued at $45,750,733. Insiders own 21.36% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on GTLB shares. Royal Bank of Canada reiterated an "outperform" rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Wells Fargo & Company upped their price target on GitLab from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Finally, Canaccord Genuity Group upped their price target on GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Three investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.38.

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.