GitLab Inc. (NASDAQ:GTLB) Shares Sold by Bank of Marin

Bank of Marin decreased its holdings in GitLab Inc. (NASDAQ:GTLB) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,491 shares of the company’s stock after selling 365 shares during the quarter. Bank of Marin’s holdings in GitLab were worth $309,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GTLB. EverSource Wealth Advisors LLC grew its stake in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the period. IMG Wealth Management Inc. acquired a new stake in GitLab in the fourth quarter valued at approximately $46,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth approximately $56,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the fourth quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC boosted its holdings in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GTLB shares. KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Robert W. Baird dropped their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Finally, Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Price Performance

GTLB opened at $49.89 on Wednesday. The business has a fifty day simple moving average of $63.36 and a 200 day simple moving average of $59.29. The company has a market capitalization of $8.10 billion, a PE ratio of -155.91 and a beta of 0.67. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18.

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This represents a 90.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 727,007 shares of company stock worth $43,843,249. 21.36% of the stock is currently owned by company insiders.

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.