1,163 Shares in GitLab Inc. (NASDAQ:GTLB) Bought by Raleigh Capital Management Inc.

Raleigh Capital Management Inc. acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,163 shares of the company’s stock, valued at approximately $66,000.

A number of other hedge funds have also recently modified their holdings of the business. Janney Montgomery Scott LLC lifted its position in GitLab by 11.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,446 shares of the company’s stock valued at $2,279,000 after acquiring an additional 3,995 shares during the period. SG Americas Securities LLC increased its stake in shares of GitLab by 594.9% during the fourth quarter. SG Americas Securities LLC now owns 16,074 shares of the company’s stock valued at $906,000 after purchasing an additional 13,761 shares in the last quarter. Jackson Square Capital LLC lifted its holdings in shares of GitLab by 328.1% during the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock valued at $2,062,000 after purchasing an additional 28,050 shares during the last quarter. Westend Capital Management LLC boosted its position in shares of GitLab by 82.5% in the 4th quarter. Westend Capital Management LLC now owns 174,666 shares of the company’s stock worth $9,842,000 after purchasing an additional 78,940 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of GitLab in the 4th quarter worth approximately $406,000. Institutional investors own 95.04% of the company’s stock.

GitLab Price Performance

Shares of GitLab stock opened at $63.94 on Friday. The stock 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 company’s fifty day simple moving average is $61.51 and its 200-day simple moving average is $55.04.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GTLB. Mizuho lifted their price objective on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Scotiabank upped their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. The Goldman Sachs Group lifted their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Canaccord Genuity Group increased their price target on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 825,698 shares of company stock worth $49,549,749. Corporate insiders own 21.36% of the company’s stock.

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.