PNC Financial Services Group Inc. Buys 328 Shares of GitLab Inc. (NASDAQ:GTLB)

PNC Financial Services Group Inc. boosted its holdings in GitLab Inc. (NASDAQ:GTLB) by 17.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,263 shares of the company’s stock after buying an additional 328 shares during the period. PNC Financial Services Group Inc.’s holdings in GitLab were worth $128,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GTLB. True Wealth Design LLC bought a new position in GitLab during the third quarter valued at $56,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab during the 4th quarter valued at about $66,000. Smartleaf Asset Management LLC raised its position in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of GitLab by 4,273.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after acquiring an additional 1,282 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in GitLab by 57.8% in the fourth quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company’s stock worth $81,000 after acquiring an additional 526 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Insider Activity

In related news, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. The trade was a 21.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 744,011 shares of company stock worth $44,546,933 over the last three months. Insiders own 21.36% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler raised their price target on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. cut their price target on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group raised their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Morgan Stanley upped their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Canaccord Genuity Group boosted their price target on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.52.

GitLab Stock Performance

Shares of GTLB stock opened at $52.12 on Tuesday. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18. The stock’s fifty day moving average is $62.66 and its two-hundred day moving average is $59.31. The firm has a market capitalization of $8.46 billion, a P/E ratio of -162.88 and a beta of 0.67.

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.