Virtu Financial LLC Takes Position in GitLab Inc. (NASDAQ:GTLB)

Virtu Financial LLC bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 22,150 shares of the company’s stock, valued at approximately $1,248,000.

A number of other hedge funds have also recently modified their holdings of the business. Summit Global Investments bought a new position in shares of GitLab during the fourth quarter valued at approximately $295,000. iA Global Asset Management Inc. bought a new position in GitLab in the fourth quarter worth approximately $7,425,000. Teacher Retirement System of Texas bought a new position in GitLab in the fourth quarter worth approximately $1,610,000. Trivest Advisors Ltd bought a new position in GitLab in the fourth quarter worth approximately $17,018,000. Finally, Harvest Fund Management Co. Ltd bought a new position in GitLab in the fourth quarter worth approximately $249,000. Institutional investors own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GTLB shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Piper Sandler increased their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Wells Fargo & Company increased their target price on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, Robert W. Baird cut their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.52.

GitLab Stock Performance

Shares of GTLB opened at $50.95 on Monday. The stock has a 50-day moving average of $62.77 and a two-hundred day moving average of $59.34. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18. The stock has a market cap of $8.27 billion, a P/E ratio of -159.22 and a beta of 0.67.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the transaction, the insider now owns 121,893 shares of the company’s stock, valued at $8,532,510. The trade was a 7.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 764,011 shares of company stock valued at $45,750,733. 21.36% of the stock is owned by company insiders.

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.