Veracity Capital LLC Acquires New Position in GitLab Inc. (NASDAQ:GTLB)

Veracity Capital LLC bought a new position in GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 8,239 shares of the company’s stock, valued at approximately $464,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. Bank of Marin increased its stake in shares of GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after acquiring an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in GitLab by 0.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after purchasing an additional 281 shares during the last quarter. Glenmede Trust Co. NA raised its stake in shares of GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after buying an additional 488 shares during the last quarter. Finally, Park Avenue Securities LLC grew its stake in shares of GitLab by 21.6% in the 3rd quarter. Park Avenue Securities LLC now owns 4,995 shares of the company’s stock valued at $257,000 after buying an additional 887 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on GTLB shares. Royal Bank of Canada raised their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Cantor Fitzgerald lifted their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Piper Sandler increased their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Mizuho boosted their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Finally, DA Davidson increased their price objective on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

Insider Buying and Selling

In related news, insider Robin Schulman sold 2,996 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 825,698 shares of company stock valued at $49,549,749 over the last ninety days. 21.36% of the stock is owned by company insiders.

GitLab Trading Up 0.4 %

Shares of NASDAQ:GTLB opened at $63.94 on Friday. The firm has a market capitalization of $10.38 billion, a PE ratio of -199.81 and a beta of 0.57. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The business’s 50 day moving average is $61.51 and its 200-day moving average is $55.04.

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.