RFG Advisory LLC Acquires Shares of 3,929 GitLab Inc. (NASDAQ:GTLB)

RFG Advisory LLC bought a new position in GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,929 shares of the company’s stock, valued at approximately $221,000.

A number of other hedge funds have also recently made changes to their positions in GTLB. Envestnet Asset Management Inc. raised its stake in shares of GitLab by 4.7% during the second quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock valued at $5,593,000 after acquiring an additional 5,078 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of GitLab in the 2nd quarter worth $206,000. Hsbc Holdings PLC purchased a new stake in shares of GitLab during the second quarter worth about $627,000. Sei Investments Co. increased its stake in GitLab by 520.2% during the 2nd quarter. Sei Investments Co. now owns 128,145 shares of the company’s stock valued at $6,371,000 after purchasing an additional 107,483 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of GitLab in the 2nd quarter valued at $613,000. 95.04% of the stock is currently owned by institutional investors.

Insider Buying and Selling at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 825,698 shares of company stock worth $49,549,749. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

NASDAQ GTLB opened at $72.75 on Wednesday. The stock’s 50 day simple moving average is $61.76 and its 200-day simple moving average is $55.34. The company has a market cap of $11.81 billion, a PE ratio of -227.34 and a beta of 0.57. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

Analysts Set New Price Targets

GTLB has been the subject of a number of research reports. Royal Bank of Canada lifted their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Canaccord Genuity Group increased their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their target price on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. increased their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Truist Financial reissued a “buy” rating and issued a $90.00 price objective (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.