GitLab Inc. (NASDAQ:GTLB) Shares Purchased by Smith Group Asset Management LLC

Smith Group Asset Management LLC grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 70.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,020 shares of the company’s stock after acquiring an additional 7,060 shares during the period. Smith Group Asset Management LLC’s holdings in GitLab were worth $959,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the 3rd quarter worth approximately $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth approximately $56,000. Raleigh Capital Management Inc. bought a new stake in shares of GitLab in the fourth quarter worth $66,000. Rakuten Securities Inc. raised its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares in the last quarter. Finally, Quarry LP boosted its stake in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the sale, the director now directly owns 137,983 shares of the company’s stock, valued at $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 825,698 shares of company stock worth $49,549,749. 21.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Scotiabank boosted their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Truist Financial reiterated a “buy” rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Morgan Stanley raised their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 12.3 %

NASDAQ GTLB opened at $72.75 on Wednesday. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The company’s 50 day simple moving average is $61.76 and its 200 day simple moving average is $55.34.

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.