Advisory Services Network LLC Has $1.06 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Advisory Services Network LLC grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 331.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,838 shares of the company’s stock after purchasing an additional 14,475 shares during the period. Advisory Services Network LLC’s holdings in GitLab were worth $1,062,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in GTLB. State Street Corp grew its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares in the last quarter. MML Investors Services LLC bought a new stake in shares of GitLab during the 3rd quarter valued at $1,685,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of GitLab during the 3rd quarter worth $678,000. Barclays PLC increased its position in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after purchasing an additional 40,171 shares during the period. Finally, M&T Bank Corp acquired a new position in GitLab in the third quarter valued at about $248,000. 95.04% of the stock is owned by institutional investors.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the business’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 completion of the transaction, the director now owns 493,554 shares in the company, valued at $25,832,616.36. This trade represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,886 shares of company stock valued at $17,736,229 over the last ninety days. 21.36% of the stock is owned by company insiders.

GitLab Trading Down 2.5 %

Shares of GTLB opened at $41.92 on Monday. The company has a market capitalization of $6.80 billion, a PE ratio of -131.00 and a beta of 0.79. The stock’s 50-day moving average price is $56.00 and its two-hundred day moving average price is $58.45. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective 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 note on Tuesday, March 4th. DA Davidson decreased their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $75.32.

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.