Fox Run Management L.L.C. Increases Stake in GitLab Inc. (NASDAQ:GTLB)

Fox Run Management L.L.C. boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 6.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,688 shares of the company’s stock after acquiring an additional 1,173 shares during the quarter. Fox Run Management L.L.C.’s holdings in GitLab were worth $1,109,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. M&T Bank Corp raised its position in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after acquiring an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in GitLab by 0.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after acquiring an additional 281 shares in the last quarter. PNC Financial Services Group Inc. raised its position in GitLab by 17.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock valued at $128,000 after acquiring an additional 328 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its position in shares of GitLab by 3.0% in the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Down 0.4 %

Shares of GTLB opened at $50.95 on Friday. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18. The company has a market capitalization of $8.27 billion, a PE ratio of -159.22 and a beta of 0.67. The stock has a fifty day simple moving average of $62.77 and a two-hundred day simple moving average of $59.31.

Analyst Ratings Changes

A number of research firms have recently commented on GTLB. Robert W. Baird cut their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada restated an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Truist Financial restated a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, Wells Fargo & Company boosted 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 have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $75.52.

Insiders Place Their Bets

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan L. Bostrom sold 20,000 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $60.19, for a total value of $1,203,800.00. Following the sale, the director now directly owns 204,913 shares of the company’s stock, valued at approximately $12,333,713.47. This trade represents a 8.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 764,011 shares of company stock valued at $45,750,733 in the last three months. 21.36% of the stock is currently owned by insiders.

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.