Sei Investments Co. Acquires 169,240 Shares of GitLab Inc. (NASDAQ:GTLB)

Sei Investments Co. increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 69.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 414,518 shares of the company’s stock after purchasing an additional 169,240 shares during the quarter. Sei Investments Co. owned approximately 0.26% of GitLab worth $23,358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC grew its holdings in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after buying an additional 513 shares in the last quarter. IMG Wealth Management Inc. bought a new position in shares of GitLab during the fourth quarter worth $46,000. True Wealth Design LLC purchased a new position in GitLab during the third quarter valued at $56,000. Raleigh Capital Management Inc. bought a new stake in GitLab in the 4th quarter valued at $66,000. Finally, Smartleaf Asset Management LLC lifted its stake in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GTLB shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Robert W. Baird reduced their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Piper Sandler upped their price target 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. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

GitLab Trading Down 3.3 %

NASDAQ:GTLB opened at $51.40 on Thursday. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -160.63 and a beta of 0.67. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The stock has a fifty day simple moving average of $62.27 and a 200-day simple moving average of $59.26.

Insider Buying and Selling

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 value of $2,075,200.00. Following the transaction, the director now owns 144,913 shares of the company’s stock, valued at $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 349,216 shares of company stock valued at $19,841,492 in the last 90 days. Company insiders own 21.36% of the company’s stock.

GitLab Profile

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.