Raleigh Capital Management Inc. Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

Raleigh Capital Management Inc. acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,163 shares of the company’s stock, valued at approximately $66,000.

Several other hedge funds have also recently modified their holdings of GTLB. Future Financial Wealth Managment LLC bought a new stake in GitLab in the 3rd quarter valued at $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the third quarter valued at about $56,000. Rakuten Securities Inc. increased its holdings in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP lifted its position in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in GitLab during the third quarter valued at approximately $96,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 825,698 shares of company stock worth $49,549,749. Company insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Piper Sandler lifted their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley upped their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Scotiabank lifted their price objective on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group upped their target price on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

Shares of GTLB stock opened at $63.94 on Friday. The company has a market capitalization of $10.38 billion, a P/E ratio of -199.81 and a beta of 0.57. The company’s 50-day simple moving average is $61.51 and its two-hundred day simple moving average is $55.04. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53.

GitLab 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.