Comerica Bank Increases Position in GitLab Inc. (NASDAQ:GTLB)

by · The Markets Daily

Comerica Bank lifted its position in GitLab Inc. (NASDAQ:GTLB – Free Report) by 41.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,980 shares of the company’s stock after acquiring an additional 15,323 shares during the period. Comerica Bank’s holdings in GitLab were worth $2,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the period. IMG Wealth Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at approximately $46,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at approximately $66,000. Smartleaf Asset Management LLC lifted its stake in shares of GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its holdings 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 worth $74,000 after buying an additional 1,282 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insiders Place Their Bets

In related news, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold 304,734 shares of company stock valued at $14,879,081 in the last three months. 21.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on GTLB. Macquarie reiterated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Mizuho lowered their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. DA Davidson dropped their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Wells Fargo & Company reduced their target price on GitLab from $85.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $71.73.

View Our Latest Research Report on GTLB

GitLab Stock Performance

NASDAQ:GTLB opened at $47.11 on Thursday. The stock has a 50 day moving average price of $47.95 and a 200 day moving average price of $57.42. The stock has a market cap of $7.65 billion, a PE ratio of -147.21 and a beta of 0.79. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

GitLab Company Profile

(Free Report)

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.

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