Congress Wealth Management LLC DE Invests $424,000 in GitLab Inc. (NASDAQ:GTLB)

Congress Wealth Management LLC DE bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 7,525 shares of the company’s stock, valued at approximately $424,000.

A number of other large investors also recently modified their holdings of GTLB. Charles Schwab Investment Management Inc. lifted its position in shares of GitLab by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock valued at $38,728,000 after acquiring an additional 57,381 shares in the last quarter. Cerity Partners LLC lifted its holdings in GitLab by 772.3% in the 3rd quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock worth $2,902,000 after purchasing an additional 49,852 shares in the last quarter. Bank of Montreal Can boosted its stake in GitLab by 360.4% in the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock worth $3,058,000 after purchasing an additional 46,343 shares during the period. The Manufacturers Life Insurance Company grew its holdings in GitLab by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock valued at $1,514,000 after buying an additional 1,417 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of GitLab by 26.5% during the third quarter. BNP Paribas Financial Markets now owns 62,877 shares of the company’s stock valued at $3,241,000 after buying an additional 13,169 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

GTLB has been the subject of a number of research reports. Canaccord Genuity Group upped their target price 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. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Wells Fargo & Company lifted their target price on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays cut their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.52.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 7,330 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.98, for a total value of $417,663.40. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at $6,945,463.14. This represents a 5.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This trade represents a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 349,216 shares of company stock worth $19,841,492 over the last quarter. Company insiders own 21.36% of the company’s stock.

GitLab Stock Performance

Shares of GTLB stock opened at $48.38 on Friday. The stock has a 50 day moving average price of $61.70 and a 200 day moving average price of $59.16. 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 $7.85 billion, a P/E ratio of -151.19 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.