Wilmington Savings Fund Society FSB Grows Stake in GitLab Inc. (NASDAQ:GTLB)

Wilmington Savings Fund Society FSB lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 7.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,050 shares of the company’s stock after buying an additional 150 shares during the period. Wilmington Savings Fund Society FSB’s holdings in GitLab were worth $116,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of GitLab by 70.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 507,713 shares of the company’s stock valued at $28,610,000 after buying an additional 210,081 shares during the last quarter. Barton Investment Management boosted its position in shares of GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after buying an additional 167,290 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of GitLab by 15.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company’s stock valued at $717,000 after buying an additional 1,700 shares during the last quarter. SYM FINANCIAL Corp purchased a new stake in shares of GitLab during the fourth quarter valued at $201,000. Finally, Oak Harvest Investment Services purchased a new stake in shares of GitLab during the fourth quarter valued at $1,737,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GTLB. DA Davidson increased their target price on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Robert W. Baird increased their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Mizuho increased their target price on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, Truist Financial reissued a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Three investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 1.1 %

Shares of GTLB opened at $70.56 on Friday. The business’s 50 day moving average is $63.36 and its 200 day moving average is $56.86. The company has a market capitalization of $11.45 billion, a PE ratio of -220.50 and a beta of 0.63. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $76.58.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 825,033 shares of company stock valued at $49,766,908. 21.36% of the stock is owned by company insiders.

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.