Essential Planning LLC. Purchases Shares of 52,000 GitLab Inc. (NASDAQ:GTLB)

Essential Planning LLC. purchased a new stake in GitLab Inc. (NASDAQ:GTLB) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 52,000 shares of the company’s stock, valued at approximately $3,026,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in GitLab in the 3rd quarter valued at approximately $678,000. State Street Corp increased its position 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 worth $104,740,000 after buying an additional 111,997 shares during the period. Barclays PLC increased its position in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after buying an additional 40,171 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in shares of GitLab during the third quarter worth $6,865,000. Finally, Barton Investment Management increased its position in shares of GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after buying an additional 167,290 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $58.99, for a total transaction of $191,717.50. Following the sale, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock worth $44,034,967 over the last quarter. Insiders own 21.36% of the company’s stock.

GitLab Price Performance

Shares of GTLB stock opened at $52.79 on Thursday. The firm has a 50-day moving average of $64.04 and a 200-day moving average of $59.10. The company has a market cap of $8.57 billion, a P/E ratio of -164.97 and a beta of 0.67. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Mizuho decreased their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Barclays decreased their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Finally, Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average price target of $75.38.

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.