Summit Global Investments Invests $295,000 in GitLab Inc. (NASDAQ:GTLB)

Summit Global Investments purchased a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,242 shares of the company's stock, valued at approximately $295,000.

Several other large investors have also made changes to their positions in the business. Y Intercept Hong Kong Ltd purchased a new position in GitLab in the 3rd quarter worth approximately $678,000. State Street Corp lifted its holdings in shares of 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 buying an additional 111,997 shares in the last quarter. Barclays PLC lifted its holdings in shares of 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 buying an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of GitLab during the third quarter worth $6,865,000. Finally, Swiss National Bank grew its stake in GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after acquiring an additional 7,700 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of NASDAQ:GTLB traded down $1.80 during trading on Friday, reaching $48.38. 1,851,502 shares of the company were exchanged, compared to its average volume of 2,426,611. The firm has a market capitalization of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67. The business's fifty day simple moving average is $61.99 and its 200-day simple moving average is $59.20. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18.

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Wall Street Analyst Weigh In

Several brokerages have commented on GTLB. Wells Fargo & Company boosted their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. KeyCorp boosted their target price on GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Royal Bank of Canada restated an "outperform" rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Macquarie reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Finally, 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. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, GitLab has a consensus rating of "Moderate Buy" and an average target price of $75.52.

Insiders Place Their Bets

In related news, Director Susan L. Bostrom sold 40,000 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 144,913 shares of the company's stock, valued at $7,518,086.44. The trade was a 21.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Robin Schulman sold 7,330 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.98, for a total value of $417,663.40. Following the sale, the insider now directly owns 121,893 shares in the company, valued at $6,945,463.14. This trade represents a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 349,216 shares of company stock worth $19,841,492 in the last ninety days. 21.36% of the stock is owned by company insiders.

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.