Fox Run Management L.L.C. Buys 1,173 Shares of GitLab Inc. (NASDAQ:GTLB)

Fox Run Management L.L.C. increased its stake in GitLab Inc. (NASDAQ:GTLB) by 6.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,688 shares of the company’s stock after buying an additional 1,173 shares during the quarter. Fox Run Management L.L.C.’s holdings in GitLab were worth $1,109,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GTLB. M&T Bank Corp increased its stake in GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB increased 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 during the period. Wealth Enhancement Advisory Services LLC increased its stake in GitLab by 0.3% in the fourth 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. increased its stake in shares of 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 buying an additional 328 shares during the period. Finally, Glenmede Trust Co. NA increased its stake in shares of GitLab by 3.0% during 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 during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $50.95 on Friday. The company has a market cap of $8.27 billion, a PE ratio of -159.22 and a beta of 0.67. The business has a 50-day simple moving average of $62.77 and a two-hundred day simple moving average of $59.31. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18.

Insiders Place Their Bets

In related news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction 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. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 764,011 shares of company stock valued at $45,750,733. 21.36% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Robert W. Baird cut their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Piper Sandler raised their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Truist Financial restated a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Scotiabank raised their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Mizuho cut their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average price target of $75.52.

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.