1888 Investments LLC Takes $1.89 Million Position in GitLab Inc. (NASDAQ:GTLB)

1888 Investments LLC purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 33,498 shares of the company’s stock, valued at approximately $1,888,000. GitLab comprises approximately 43.9% of 1888 Investments LLC’s portfolio, making the stock its largest holding.

A number of other large investors also recently bought and sold shares of the business. M&T Bank Corp grew its stake in GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after purchasing an additional 281 shares during the period. PNC Financial Services Group Inc. raised its position in GitLab by 17.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock valued at $128,000 after purchasing an additional 328 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its holdings in shares of GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insiders Place Their Bets

In other news, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 7,330 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total value of $417,663.40. Following the completion of the transaction, the insider now owns 121,893 shares of the company’s stock, valued at $6,945,463.14. The trade was a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 349,216 shares of company stock valued at $19,841,492. Insiders own 21.36% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the topic of several research reports. Wells Fargo & Company raised their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. KeyCorp increased their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. DA Davidson reduced their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Canaccord Genuity Group raised their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Piper Sandler boosted their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $75.52.

GitLab Trading Down 3.6 %

GTLB opened at $48.38 on Friday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The firm has a market capitalization of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67. The firm’s 50-day moving average price is $61.70 and its 200 day moving average price is $59.18.

GitLab Company 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.