Commonwealth Equity Services LLC Invests $235,000 in GitLab Inc. (NASDAQ:GTLB)

Commonwealth Equity Services LLC acquired a new position in GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 4,167 shares of the company’s stock, valued at approximately $235,000.

Several other large investors have also added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC increased 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 valued at $29,000 after buying an additional 513 shares during the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at about $66,000. Smartleaf Asset Management LLC increased its position in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after acquiring an additional 1,153 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in GitLab by 4,273.3% during the fourth 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. Finally, First Horizon Advisors Inc. boosted its position in GitLab by 57.8% during the fourth quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company’s stock valued at $81,000 after purchasing an additional 526 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Performance

Shares of GitLab stock opened at $46.30 on Thursday. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The stock has a market cap of $7.51 billion, a PE ratio of -144.69 and a beta of 0.79. The firm has a 50-day moving average of $57.15 and a 200-day moving average of $58.53.

Insider Buying and Selling at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This trade represents a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,886 shares of company stock valued at $17,736,229 in the last quarter. Company insiders own 21.36% of the company’s stock.

Analyst Ratings Changes

GTLB has been the topic of a number of analyst reports. Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Barclays lowered their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Truist Financial cut their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Mizuho lowered 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.09.

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.