GitLab Inc. (NASDAQ:GTLB) Shares Purchased by Evoke Wealth LLC

Evoke Wealth LLC lifted its position in shares of GitLab Inc. (NASDAQ:GTLB) by 12.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,432 shares of the company’s stock after purchasing an additional 1,043 shares during the period. Evoke Wealth LLC’s holdings in GitLab were worth $531,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Primecap Management Co. CA lifted its position in shares of GitLab by 1.8% during the fourth quarter. Primecap Management Co. CA now owns 835,940 shares of the company’s stock worth $47,105,000 after purchasing an additional 14,600 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in shares of GitLab by 70.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 507,713 shares of the company’s stock worth $28,589,000 after purchasing an additional 210,081 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab during the fourth quarter worth $46,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of GitLab by 11.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,324 shares of the company’s stock worth $244,000 after purchasing an additional 436 shares in the last quarter. Finally, Poinciana Advisors Group LLC acquired a new position in shares of GitLab during the fourth quarter worth $231,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GTLB. TD Cowen boosted their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. dropped their price target on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. The Goldman Sachs Group lifted their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. DA Davidson dropped their price target on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 727,007 shares of company stock worth $43,843,249. Insiders own 21.36% of the company’s stock.

GitLab Stock Performance

GitLab stock opened at $49.89 on Wednesday. The company has a 50-day simple moving average of $63.36 and a 200-day simple moving average of $59.29. The firm has a market capitalization of $8.10 billion, a P/E ratio of -155.91 and a beta of 0.67. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18.

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.