Raymond James Financial Inc. Takes $3.39 Million Position in GitLab Inc. (NASDAQ:GTLB)

Raymond James Financial Inc. acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 60,195 shares of the company's stock, valued at approximately $3,392,000.

Other large investors have also modified their holdings of the company. True Wealth Design LLC acquired a new position in shares of GitLab in the 3rd quarter valued at $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the fourth quarter worth about $66,000. Smartleaf Asset Management LLC raised its stake in GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after acquiring an additional 1,153 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in GitLab by 4,273.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock worth $74,000 after acquiring an additional 1,282 shares during the period. Finally, First Horizon Advisors Inc. grew its stake in shares of GitLab by 57.8% in the 4th quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company's stock valued at $81,000 after purchasing an additional 526 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Stock Down 3.6 %

Shares of GTLB stock traded down $1.80 during trading hours on Friday, hitting $48.38. 1,851,502 shares of the company were exchanged, compared to its average volume of 2,426,612. The firm has a fifty day moving average of $61.70 and a 200 day moving average of $59.18. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18. The firm has a market cap of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67.

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Insider Transactions at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction on 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 completion of the sale, the director now owns 144,913 shares of the company's stock, valued at $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 349,216 shares of company stock worth $19,841,492 in the last ninety days. Insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Royal Bank of Canada restated an "outperform" rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Canaccord Genuity Group raised their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Piper Sandler boosted their target price on GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Truist Financial reaffirmed a "buy" rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.52.

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.