Claro Advisors LLC Boosts Stock Position in GitLab Inc. (NASDAQ:GTLB)

Claro Advisors LLC boosted its position in shares of GitLab Inc. (NASDAQ:GTLB) by 32.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 20,798 shares of the company’s stock after acquiring an additional 5,071 shares during the quarter. Claro Advisors LLC’s holdings in GitLab were worth $1,172,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GTLB. Y Intercept Hong Kong Ltd bought a new position in shares of GitLab in the 3rd quarter worth about $678,000. State Street Corp lifted its holdings in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Barclays PLC increased its position in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in GitLab during the third quarter valued at $6,865,000. Finally, ARK Investment Management LLC purchased a new stake in shares of GitLab during the third quarter valued at $13,435,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Performance

NASDAQ GTLB traded down $2.79 on Monday, reaching $57.15. The stock had a trading volume of 1,146,740 shares, compared to its average volume of 2,053,520. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The business’s 50-day moving average price is $61.01 and its 200 day moving average price is $54.44. The stock has a market cap of $9.28 billion, a P/E ratio of -178.59 and a beta of 0.57.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.72, for a total value of $177,840.00. Following the sale, the director now directly owns 141,233 shares in the company, valued at approximately $7,728,269.76. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 785,197 shares of company stock worth $46,486,459 over the last 90 days. 21.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Canaccord Genuity Group upped their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Scotiabank raised their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. JPMorgan Chase & Co. lifted their price target on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, KeyCorp boosted their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

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.