Trivest Advisors Ltd Makes New $17.02 Million Investment in GitLab Inc. (NASDAQ:GTLB)

Trivest Advisors Ltd acquired a new stake in GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 302,000 shares of the company’s stock, valued at approximately $17,018,000. Trivest Advisors Ltd owned 0.19% of GitLab at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in shares of GitLab during the 4th quarter worth approximately $46,000. True Wealth Design LLC bought a new stake in shares of GitLab in the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab in the fourth quarter valued at approximately $66,000. Finally, Smartleaf Asset Management LLC grew its holdings in GitLab by 1,067.6% during the fourth 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 owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GTLB shares. Wells Fargo & Company upped their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Morgan Stanley upped their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Piper Sandler lifted their target price 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. Mizuho dropped their price target on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Finally, KeyCorp raised their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $49.89 on Wednesday. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18. The firm has a market capitalization of $8.10 billion, a PE ratio of -155.91 and a beta of 0.67. The firm has a fifty day moving average of $63.36 and a 200 day moving average of $59.29.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were 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 in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. The trade was a 4.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 727,007 shares of company stock valued at $43,843,249 over the last ninety days. 21.36% of the stock is owned by 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.