808 Shares in GitLab Inc. (NASDAQ:GTLB) Bought by IMG Wealth Management Inc.

IMG Wealth Management Inc. bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, HoldingsChannel reports. The firm bought 808 shares of the company’s stock, valued at approximately $46,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. lifted its position in GitLab by 11.2% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,324 shares of the company’s stock worth $244,000 after acquiring an additional 436 shares during the period. Poinciana Advisors Group LLC acquired a new stake in GitLab during the 4th quarter worth about $231,000. Commonwealth Equity Services LLC acquired a new stake in GitLab during the 4th quarter worth about $235,000. Skandinaviska Enskilda Banken AB publ lifted its position in GitLab by 65.8% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 2,689 shares of the company’s stock worth $152,000 after acquiring an additional 1,067 shares during the period. Finally, Swiss National Bank lifted its position in GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after acquiring an additional 7,700 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Trading Down 0.3 %

NASDAQ:GTLB opened at $51.94 on Tuesday. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18. The stock has a 50 day moving average of $63.57 and a two-hundred day moving average of $59.27. The firm has a market cap of $8.43 billion, a P/E ratio of -162.31 and a beta of 0.67.

Analyst Upgrades and Downgrades

A number of analysts have commented on GTLB shares. Scotiabank lifted their price target on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Wells Fargo & Company boosted their price objective on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. decreased their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Finally, Canaccord Genuity Group boosted their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average price target of $75.38.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was 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 directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 727,007 shares of company stock worth $43,843,249. Corporate insiders own 21.36% of the company’s stock.

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.