Envestnet Portfolio Solutions Inc. Acquires 436 Shares of GitLab Inc. (NASDAQ:GTLB)

Envestnet Portfolio Solutions Inc. increased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 11.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,324 shares of the company’s stock after buying an additional 436 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in GitLab were worth $244,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC lifted its position in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. True Wealth Design LLC bought a new position in GitLab in the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab during the 4th quarter worth $66,000. Smartleaf Asset Management LLC boosted its position in GitLab by 1,067.6% in 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 during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its stake 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 buying an additional 1,282 shares during the period. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on GTLB shares. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Canaccord Genuity Group lifted their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Scotiabank increased their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

GitLab Price Performance

GTLB stock opened at $48.38 on Friday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of -151.19 and a beta of 0.67. The company has a 50 day simple moving average of $61.70 and a 200 day simple moving average of $59.16.

Insider Transactions at GitLab

In other news, 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 transaction of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Susan L. Bostrom sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the completion of the transaction, the director now owns 184,913 shares of the company’s stock, valued at approximately $10,403,205.38. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 349,216 shares of company stock worth $19,841,492. 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.