Summit Global Investments Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

Summit Global Investments bought a new position in GitLab Inc. (NASDAQ:GTLB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,242 shares of the company’s stock, valued at approximately $295,000.

Several other institutional investors have also made changes to their positions in GTLB. M&T Bank Corp boosted its stake in GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in shares of GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after purchasing an additional 281 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock worth $128,000 after buying an additional 328 shares during the period. Finally, Glenmede Trust Co. NA grew its holdings in shares of GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In related news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares in the company, valued at $7,518,086.44. This represents a 21.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 744,011 shares of company stock worth $44,546,933. 21.36% of the stock is owned by insiders.

GitLab Stock Up 2.3 %

NASDAQ:GTLB opened at $52.12 on Tuesday. The company’s 50 day moving average is $62.66 and its 200-day moving average is $59.31. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of -162.88 and a beta of 0.67.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Macquarie reissued an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Morgan Stanley increased their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lowered their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Piper Sandler upped their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $80.00 target price 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 have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $75.52.

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.