IMG Wealth Management Inc. Purchases New Position in GitLab Inc. (NASDAQ:GTLB)

IMG Wealth Management Inc. purchased a new stake in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 808 shares of the company’s stock, valued at approximately $46,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after buying an additional 513 shares during the last quarter. True Wealth Design LLC bought a new position in GitLab during the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. bought a new position in GitLab during the fourth quarter valued at approximately $66,000. Smartleaf Asset Management LLC boosted its stake in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in GitLab by 4,273.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after buying an additional 1,282 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 727,007 shares of company stock worth $43,843,249. 21.36% of the stock is currently owned by company insiders.

GitLab Trading Down 0.3 %

Shares of NASDAQ:GTLB opened at $51.94 on Tuesday. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18. The business’s fifty day simple moving average is $63.57 and its 200-day simple moving average is $59.27. The company has a market capitalization of $8.43 billion, a PE ratio of -162.31 and a beta of 0.67.

Analysts Set New Price Targets

GTLB has been the subject of several analyst reports. DA Davidson lowered their price objective on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Scotiabank raised their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Barclays lowered their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. lowered their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

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.