Xponance Inc. Grows Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Xponance Inc. lifted its stake in GitLab Inc. (NASDAQ:GTLB) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,512 shares of the company’s stock after acquiring an additional 1,287 shares during the period. Xponance Inc.’s holdings in GitLab were worth $930,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% in 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. bought a new position in shares of GitLab in the fourth quarter valued at approximately $46,000. True Wealth Design LLC purchased a new position in GitLab during the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. purchased a new stake in GitLab in the 4th quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC boosted its holdings in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, 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 transaction, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, 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. Over the last ninety days, insiders sold 744,011 shares of company stock valued at $44,546,933. Insiders own 21.36% of the company’s stock.

GitLab Stock Up 2.3 %

NASDAQ:GTLB opened at $52.12 on Tuesday. The firm has a market capitalization of $8.46 billion, a P/E ratio of -162.88 and a beta of 0.67. The company has a fifty day moving average of $62.66 and a 200 day moving average of $59.31. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Mizuho lowered their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. Canaccord Genuity Group boosted their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Scotiabank raised their target price on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Piper Sandler boosted their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.52.

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.