Harvest Fund Management Co. Ltd Makes New $249,000 Investment in GitLab Inc. (NASDAQ:GTLB)

Harvest Fund Management Co. Ltd acquired a new position in GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,477 shares of the company’s stock, valued at approximately $249,000.

A number of other hedge funds have also recently added to or reduced their stakes in GTLB. OneDigital Investment Advisors LLC acquired a new position in GitLab in the third quarter worth $200,000. Charles Schwab Investment Management Inc. lifted its stake in 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 buying an additional 57,381 shares during the last quarter. Cerity Partners LLC lifted its stake in GitLab by 772.3% in the third quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock valued at $2,902,000 after buying an additional 49,852 shares during the last quarter. Whetstone Capital Advisors LLC lifted its stake in GitLab by 60.8% in the third quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company’s stock valued at $5,697,000 after buying an additional 41,804 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in GitLab by 360.4% in the third quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock valued at $3,058,000 after buying an additional 46,343 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Activity

In other news, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. The trade was a 4.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 764,011 shares of company stock worth $45,750,733 in the last three months. 21.36% of the stock is owned by insiders.

GitLab Price Performance

Shares of GitLab stock opened at $50.95 on Friday. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18. The stock has a 50-day simple moving average of $62.77 and a 200-day simple moving average of $59.20.

Analysts Set New Price Targets

A number of research firms have issued reports on GTLB. Piper Sandler raised their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Mizuho cut their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. DA Davidson cut their target price on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Robert W. Baird cut their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. cut their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

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.