Canton Hathaway LLC Has $148,000 Stake in GitLab Inc. (NASDAQ:GTLB)

Canton Hathaway LLC raised its position in GitLab Inc. (NASDAQ:GTLB) by 26.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,635 shares of the company’s stock after purchasing an additional 549 shares during the quarter. Canton Hathaway LLC’s holdings in GitLab were worth $148,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Los Angeles Capital Management LLC raised its stake in shares of GitLab by 67.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company’s stock valued at $56,520,000 after purchasing an additional 404,895 shares during the period. IFP Advisors Inc grew its holdings in shares of GitLab by 9.3% in the 4th quarter. IFP Advisors Inc now owns 4,949 shares of the company’s stock valued at $279,000 after acquiring an additional 423 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of GitLab in the 4th quarter valued at about $3,612,000. EDBI Pte Ltd grew its holdings in shares of GitLab by 34.9% in the 4th quarter. EDBI Pte Ltd now owns 16,150 shares of the company’s stock valued at $910,000 after acquiring an additional 4,177 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of GitLab by 57.8% in the 4th quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company’s stock valued at $81,000 after acquiring an additional 526 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares in the company, valued at $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 740,257 shares of company stock worth $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GTLB. TD Cowen raised their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Piper Sandler raised their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Barclays raised their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Needham & Company LLC restated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, January 7th. Finally, KeyCorp lifted their price target on GitLab from $74.00 to $80.00 and gave the stock an “overweight” 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $76.62.

GitLab Trading Down 2.9 %

NASDAQ GTLB opened at $62.28 on Tuesday. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $76.41. The company has a 50 day moving average of $64.17 and a 200-day moving average of $58.11. The company has a market cap of $10.11 billion, a price-to-earnings ratio of -194.63 and a beta of 0.63.

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.