Barton Investment Management Acquires 124,930 Shares of GitLab Inc. $GTLB

Barton Investment Management grew its holdings in GitLab Inc. (NASDAQ:GTLB) by 28.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 564,183 shares of the company’s stock after purchasing an additional 124,930 shares during the period. GitLab makes up 2.6% of Barton Investment Management’s investment portfolio, making the stock its 8th largest position. Barton Investment Management owned 0.34% of GitLab worth $25,450,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GTLB. Cullen Frost Bankers Inc. lifted its stake in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock valued at $25,000 after purchasing an additional 334 shares during the last quarter. Cloud Capital Management LLC acquired a new position in shares of GitLab in the 1st quarter valued at $29,000. Twin Tree Management LP acquired a new position in shares of GitLab in the 1st quarter valued at $29,000. Harbour Investments Inc. lifted its stake in shares of GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock valued at $42,000 after purchasing an additional 734 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in GitLab by 114.2% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after acquiring an additional 490 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the topic of several research reports. Scotiabank decreased their target price on GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a research note on Friday, June 6th. JPMorgan Chase & Co. decreased their target price on GitLab from $58.00 to $52.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 11th. Needham & Company LLC reissued a “buy” rating and set a $55.00 target price on shares of GitLab in a research note on Thursday, September 4th. Raymond James Financial decreased their target price on GitLab from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, September 4th. Finally, Barclays decreased their target price on GitLab from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.67.

Insiders Place Their Bets

In related news, Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the completion of the transaction, the director directly owned 820 shares of the company’s stock, valued at approximately $41,131.20. The trade was a 98.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Monday, September 15th. The stock was sold at an average price of $50.14, for a total value of $5,445,204.00. The disclosure for this sale can be found here. Insiders sold 1,224,362 shares of company stock valued at $59,723,796 over the last 90 days. 16.37% of the stock is owned by corporate insiders.

GitLab Stock Up 5.4%

NASDAQ:GTLB opened at $46.49 on Friday. The stock’s 50 day moving average price is $46.01 and its 200 day moving average price is $46.02. The company has a market capitalization of $7.75 billion, a PE ratio of -1,162.25 and a beta of 0.73. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18.

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.