GitLab Inc. (NASDAQ:GTLB) Shares Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC grew its position in shares of GitLab Inc. (NASDAQ:GTLB) by 26.9% during the 4th quarter, Holdings Channel reports. The firm owned 5,761 shares of the company’s stock after purchasing an additional 1,222 shares during the period. Palumbo Wealth Management LLC’s holdings in GitLab were worth $325,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GTLB. Sanctuary Advisors LLC acquired a new position in shares of GitLab during the 2nd quarter valued at $199,000. SG Americas Securities LLC acquired a new position in shares of GitLab in the 3rd quarter worth $119,000. Creative Planning acquired a new position in shares of GitLab in the 3rd quarter worth $208,000. Claro Advisors LLC acquired a new position in shares of GitLab in the 3rd quarter worth $304,000. Finally, Blue Trust Inc. grew its holdings in shares of GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 825,033 shares of company stock worth $49,766,908 over the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab Trading Down 3.9 %

GTLB opened at $67.83 on Friday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $76.58. The stock has a fifty day moving average price of $63.47 and a 200 day moving average price of $57.11. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of -211.97 and a beta of 0.63.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GTLB shares. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Truist Financial restated a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a report on Friday, December 6th. KeyCorp lifted their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Wells Fargo & Company lifted their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, Canaccord Genuity Group raised their target price on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.42.

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.