4,817 Shares in GitLab Inc. (NASDAQ:GTLB) Acquired by M&T Bank Corp

M&T Bank Corp bought a new stake in GitLab Inc. (NASDAQ:GTLB) in the third quarter, Holdings Channel.com reports. The institutional investor bought 4,817 shares of the company’s stock, valued at approximately $248,000.

Several other large investors also recently added to or reduced their stakes in GTLB. State Street Corp lifted its stake in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the last quarter. ARK Investment Management LLC bought a new position in GitLab during the third quarter valued at about $13,435,000. Mission Creek Capital Partners Inc. lifted its position in shares of GitLab by 113.9% in the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company’s stock worth $4,119,000 after buying an additional 42,550 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of GitLab by 111.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after buying an additional 176,967 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of GitLab by 56.1% during the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after acquiring an additional 126,578 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the transaction, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 180,182 shares of company stock valued at $10,466,739 in the last ninety days. Insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GTLB shares. Cantor Fitzgerald boosted their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. DA Davidson boosted their price objective on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Bank of America raised their target price on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Piper Sandler raised their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

GitLab stock opened at $55.66 on Friday. The stock has a fifty day moving average price of $59.55 and a two-hundred day moving average price of $52.66. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The firm has a market capitalization of $9.03 billion, a P/E ratio of -173.94 and a beta of 0.54.

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.