Avanza Fonder AB Acquires Shares of 4,938 GitLab Inc. (NASDAQ:GTLB)

Avanza Fonder AB bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,938 shares of the company’s stock, valued at approximately $278,000.

A number of other institutional investors have also modified their holdings of GTLB. Envestnet Asset Management Inc. raised its stake in shares of GitLab by 4.7% during the second quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock worth $5,593,000 after purchasing an additional 5,078 shares during the last quarter. Amalgamated Bank increased its position in shares of GitLab by 33.3% in the second quarter. Amalgamated Bank now owns 8,005 shares of the company’s stock valued at $398,000 after buying an additional 2,001 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in GitLab during the second quarter worth about $206,000. Blair William & Co. IL lifted its holdings in shares of GitLab by 1.9% in the second quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock valued at $2,096,000 after purchasing an additional 769 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in GitLab in the 2nd quarter valued at approximately $627,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GTLB has been the topic of several analyst reports. The Goldman Sachs Group raised their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, January 7th. KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Macquarie reiterated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a report on Wednesday, January 15th. Finally, Royal Bank of Canada lifted their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 816,447 shares of company stock valued at $48,948,434. Insiders own 21.36% of the company’s stock.

GitLab Stock Down 1.8 %

GTLB stock opened at $63.02 on Monday. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock has a market cap of $10.23 billion, a PE ratio of -196.94 and a beta of 0.57. The firm’s 50-day simple moving average is $61.30 and its 200 day simple moving average is $54.82.

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.