Black Swift Group LLC Makes New $479,000 Investment in GitLab Inc. (NASDAQ:GTLB)

Black Swift Group LLC purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,500 shares of the company’s stock, valued at approximately $479,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. True Wealth Design LLC acquired a new position in GitLab in the 3rd quarter valued at about $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab in the 4th quarter valued at about $66,000. Smartleaf Asset Management LLC increased its position in GitLab by 1,067.6% in the 4th 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 period. Steward Partners Investment Advisory LLC increased its position 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 valued at $74,000 after acquiring an additional 1,282 shares during the period. Finally, Rakuten Securities Inc. boosted its holdings in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on GTLB. Wells Fargo & Company lifted their price objective on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Robert W. Baird lowered their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday. Canaccord Genuity Group lifted their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Macquarie reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a report on Tuesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $75.36.

GitLab Stock Performance

Shares of GTLB opened at $61.79 on Thursday. The stock has a fifty day moving average of $64.38 and a two-hundred day moving average of $58.84. The company has a market capitalization of $10.03 billion, a PE ratio of -193.09 and a beta of 0.63. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the sale, the director now owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 740,257 shares of company stock worth $44,710,867. Insiders own 21.36% of the company’s stock.

GitLab 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.