RFG Advisory LLC Invests $221,000 in GitLab Inc. (NASDAQ:GTLB)

RFG Advisory LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, Holdings Channel.com reports. The fund acquired 3,929 shares of the company’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GTLB. Bank of Marin raised its position in GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of GitLab by 0.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after acquiring an additional 281 shares during the period. Glenmede Trust Co. NA lifted its stake in GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares in the last quarter. Blue Trust Inc. lifted its stake in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its position in shares of GitLab by 21.6% during the third quarter. Park Avenue Securities LLC now owns 4,995 shares of the company’s stock worth $257,000 after purchasing an additional 887 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GTLB. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, January 7th. DA Davidson boosted their price target on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned 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 $76.42.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the transaction, the director now owns 137,983 shares in the company, valued at $8,197,570.03. The trade was a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety 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

Shares of GTLB stock opened at $72.75 on Wednesday. The business’s fifty day moving average price is $61.76 and its 200 day moving average price is $55.34. The firm has a market capitalization 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.

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.