Rhumbline Advisers Purchases 7,837 Shares of GitLab Inc. (NASDAQ:GTLB)

Rhumbline Advisers increased its position in shares of GitLab Inc. (NASDAQ:GTLB) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 150,312 shares of the company’s stock after buying an additional 7,837 shares during the period. Rhumbline Advisers’ holdings in GitLab were worth $8,470,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. True Wealth Design LLC acquired a new stake in GitLab during the third quarter worth $56,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the 4th quarter valued at about $66,000. Rakuten Securities Inc. increased its stake in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Capital Performance Advisors LLP acquired a new position in GitLab in the third quarter worth about $96,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in GitLab in the third quarter worth about $98,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Monday, December 16th. The stock was sold at an average price of $58.99, for a total transaction of $191,717.50. Following the transaction, the director now directly owns 134,733 shares in the company, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. TD Cowen upped their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research note on Wednesday, January 15th. Wells Fargo & Company boosted their target price on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Scotiabank upped their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Finally, DA Davidson lifted their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.62.

GitLab Stock Down 2.9 %

GTLB stock opened at $62.28 on Tuesday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $76.41. The company has a market cap of $10.11 billion, a P/E ratio of -194.63 and a beta of 0.63. The business’s fifty day moving average is $64.11 and its 200-day moving average is $57.96.

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.