Forge First Asset Management Inc. Acquires Shares of 43,600 GitLab Inc. (NASDAQ:GTLB)

Forge First Asset Management Inc. acquired a new stake in GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 43,600 shares of the company’s stock, valued at approximately $2,456,000. GitLab comprises about 0.9% of Forge First Asset Management Inc.’s portfolio, making the stock its 27th largest position.

Several other hedge funds have also made changes to their positions in the company. M&T Bank Corp grew its stake in shares of GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB boosted its position in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares during the period. Bank of Marin boosted its position in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after purchasing an additional 281 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of GitLab by 17.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock worth $128,000 after purchasing an additional 328 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Trading Up 1.9 %

GTLB stock opened at $51.94 on Wednesday. The company has a market cap of $8.43 billion, a P/E ratio of -162.31 and a beta of 0.67. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18. The company’s 50-day moving average price is $64.12 and its 200 day moving average price is $59.14.

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were 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 in the company, valued at $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock valued at $44,034,967 over the last 90 days. Insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GTLB shares. KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Truist Financial reissued a “buy” rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Mizuho decreased their price target on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.38.

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.