Raymond James Financial Inc. Purchases New Shares in GitLab Inc. (NASDAQ:GTLB)

Raymond James Financial Inc. acquired a new position in GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 60,195 shares of the company’s stock, valued at approximately $3,392,000.

A number of other large investors have also recently made changes to their positions in the business. M&T Bank Corp boosted its stake in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in shares of GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after acquiring an additional 150 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of 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. Glenmede Trust Co. NA grew its holdings in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after purchasing an additional 334 shares during the last quarter. Finally, IFP Advisors Inc raised its position in GitLab by 9.3% in the 4th quarter. IFP Advisors Inc now owns 4,949 shares of the company’s stock worth $279,000 after purchasing an additional 423 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Trading Down 2.4 %

GitLab stock opened at $50.18 on Friday. The stock has a fifty day moving average price of $61.99 and a 200 day moving average price of $59.20. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18. The firm has a market capitalization of $8.14 billion, a P/E ratio of -156.81 and a beta of 0.67.

Analysts Set New Price Targets

GTLB has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped 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. Piper Sandler boosted their target price on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Scotiabank raised their price target 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $75.52.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robin Schulman sold 7,330 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total transaction of $417,663.40. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at $6,945,463.14. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 349,216 shares of company stock valued at $19,841,492. Company insiders own 21.36% of the company’s stock.

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.