Swiss National Bank Buys 7,700 Shares of GitLab Inc. (NASDAQ:GTLB)

Swiss National Bank boosted its stake in GitLab Inc. (NASDAQ:GTLB) by 3.7% in the fourth quarter, HoldingsChannel reports. The firm owned 215,000 shares of the company’s stock after acquiring an additional 7,700 shares during the period. Swiss National Bank’s holdings in GitLab were worth $12,115,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. True Wealth Design LLC bought a new position in GitLab during the 3rd quarter valued at about $56,000. Raleigh Capital Management Inc. bought a new position in GitLab in the 4th quarter worth about $66,000. Smartleaf Asset Management LLC grew its stake in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after acquiring an additional 1,153 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in GitLab by 4,273.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock worth $74,000 after acquiring an additional 1,282 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the subject of several research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. TD Cowen upped their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Mizuho cut their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Price Performance

GTLB stock opened at $51.16 on Friday. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18. The firm has a fifty day moving average price of $62.95 and a two-hundred day moving average price of $59.18. The firm has a market cap of $8.30 billion, a price-to-earnings ratio of -159.88 and a beta of 0.67.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at $15,037,451.20. This represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan L. Bostrom sold 20,000 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $60.19, for a total value of $1,203,800.00. Following the completion of the transaction, the director now owns 204,913 shares in the company, valued at $12,333,713.47. This represents a 8.89 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 724,011 shares of company stock valued at $43,675,533. 21.36% of the stock is currently 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.