Zacks Investment Management Acquires Shares of 55,596 GitLab Inc. (NASDAQ:GTLB)

Zacks Investment Management purchased a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 55,596 shares of the company's stock, valued at approximately $2,865,000.

Other large investors have also bought and sold shares of the company. Bank of Marin boosted its position in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company's stock valued at $302,000 after buying an additional 171 shares during the last quarter. Moloney Securities Asset Management LLC boosted its position in shares of GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company's stock worth $318,000 after purchasing an additional 300 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of 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 purchasing an additional 334 shares during the period. Canton Hathaway LLC boosted its holdings in GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock worth $104,000 after buying an additional 435 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company's stock valued at $157,000 after purchasing an additional 488 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 2,990 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,365 shares of company stock valued at $9,674,784 over the last ninety days. 21.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on GTLB shares. Robert W. Baird lifted their target price on GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a report on Friday. Morgan Stanley boosted their target price on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday. Barclays raised their price target on shares of GitLab from $55.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Monday. Bank of America boosted their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada raised their target price on shares of GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $75.88.

GitLab Trading Down 0.7 %

NASDAQ:GTLB traded down $0.46 during trading hours on Monday, hitting $66.73. 4,682,635 shares of the company were exchanged, compared to its average volume of 2,403,436. The stock has a market capitalization of $10.71 billion, a price-to-earnings ratio of -208.53 and a beta of 0.54. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The company has a fifty day simple moving average of $58.22 and a 200 day simple moving average of $52.27.

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.