Trivest Advisors Ltd Purchases Shares of 302,000 GitLab Inc. (NASDAQ:GTLB)

Trivest Advisors Ltd acquired a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 302,000 shares of the company's stock, valued at approximately $17,018,000. Trivest Advisors Ltd owned 0.19% of GitLab as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its stake in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company's stock valued at $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock valued at $116,000 after buying an additional 150 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company's stock valued at $4,713,000 after buying an additional 281 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of GitLab by 17.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company's stock valued at $128,000 after buying an additional 328 shares during the period. Finally, Glenmede Trust Co. NA boosted its stake in shares of GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company's stock valued at $596,000 after buying an additional 334 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

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GitLab Stock Performance

Shares of NASDAQ:GTLB traded down $0.21 on Friday, hitting $50.95. 2,472,987 shares of the company were exchanged, compared to its average volume of 2,411,756. The company's 50 day moving average price is $62.77 and its two-hundred day moving average price is $59.34. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67.

Insider Activity

In other news, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the sale, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. The trade was a 4.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $60.19, for a total transaction of $1,203,800.00. Following the sale, the director now owns 204,913 shares in the company, valued at approximately $12,333,713.47. This trade represents a 8.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 764,011 shares of company stock worth $45,750,733. Corporate insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GTLB. Piper Sandler lifted their target price on shares of GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Barclays cut their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 4th. JPMorgan Chase & Co. cut their price target on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Cantor Fitzgerald restated an "overweight" rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, KeyCorp raised their price target on shares of GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Three 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 MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and an average target price of $75.52.

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.