Keybank National Association OH Purchases 267,678 Shares of GitLab Inc. (NASDAQ:GTLB)

Keybank National Association OH boosted its position in GitLab Inc. (NASDAQ:GTLB) by 61.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 703,304 shares of the company’s stock after purchasing an additional 267,678 shares during the quarter. Keybank National Association OH owned approximately 0.43% of GitLab worth $39,631,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new position in GitLab in the third quarter worth $678,000. State Street Corp increased its holdings in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Barclays PLC increased its holdings in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring 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 valued at $6,865,000. Finally, Barton Investment Management increased its holdings in shares of GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after acquiring an additional 167,290 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GTLB. Barclays raised their price target on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Scotiabank raised their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. TD Cowen increased their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Cantor Fitzgerald increased their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company increased their price objective on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average price target of $76.27.

GitLab Price Performance

NASDAQ:GTLB opened at $56.25 on Tuesday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $76.41. The stock’s 50 day simple moving average is $64.30 and its two-hundred day simple moving average is $58.69. The company has a market cap of $9.13 billion, a price-to-earnings ratio of -175.78 and a beta of 0.63.

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last quarter. 21.36% of the stock is currently owned by 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.