Virtu Financial LLC Takes $1.25 Million Position in GitLab Inc. (NASDAQ:GTLB)

Virtu Financial LLC purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,150 shares of the company's stock, valued at approximately $1,248,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. OneDigital Investment Advisors LLC purchased a new stake in shares of GitLab in the third quarter valued at approximately $200,000. Charles Schwab Investment Management Inc. grew its holdings in GitLab by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company's stock valued at $38,728,000 after buying an additional 57,381 shares in the last quarter. Cerity Partners LLC increased its stake in shares of GitLab by 772.3% in the 3rd quarter. Cerity Partners LLC now owns 56,307 shares of the company's stock worth $2,902,000 after acquiring an additional 49,852 shares during the last quarter. Whetstone Capital Advisors LLC raised its holdings in shares of GitLab by 60.8% during the 3rd quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company's stock worth $5,697,000 after acquiring an additional 41,804 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of GitLab by 360.4% during the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company's stock valued at $3,058,000 after acquiring an additional 46,343 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded down $1.22 during trading hours on Thursday, reaching $50.18. The stock had a trading volume of 1,279,187 shares, compared to its average volume of 2,404,780. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of -156.81 and a beta of 0.67. The firm's 50 day moving average is $62.27 and its 200-day moving average is $59.26. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18.

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Insider Buying and Selling at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the firm's 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 available at this hyperlink. Also, insider Robin Schulman sold 7,330 shares of the company's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.98, for a total transaction of $417,663.40. Following the completion of the transaction, the insider now owns 121,893 shares of the company's stock, valued at approximately $6,945,463.14. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 349,216 shares of company stock worth $19,841,492 over the last ninety days. Corporate insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GTLB. Piper Sandler boosted their target price on shares of GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. JPMorgan Chase & Co. lowered their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. The Goldman Sachs Group boosted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a report on Friday, December 6th. Finally, Truist Financial reaffirmed a "buy" rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.