MIG Capital LLC Invests $338,000 in GitLab Inc. (NASDAQ:GTLB)

MIG Capital LLC acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,995 shares of the company’s stock, valued at approximately $338,000.

Other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its stake in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in shares of GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after acquiring an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in GitLab by 0.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after purchasing an additional 281 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock valued at $128,000 after purchasing an additional 328 shares in the last quarter. Finally, IFP Advisors Inc increased its position in GitLab by 9.3% in the 4th quarter. IFP Advisors Inc now owns 4,949 shares of the company’s stock worth $279,000 after purchasing an additional 423 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Price Performance

GitLab stock opened at $41.09 on Friday. The business has a 50 day simple moving average of $59.82 and a 200 day simple moving average of $58.89. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company has a market capitalization of $6.67 billion, a PE ratio of -128.41 and a beta of 0.79.

Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction dated 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 three months, insiders sold 311,886 shares of company stock valued at $17,736,229. 21.36% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GTLB shares. Barclays reduced their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Macquarie reissued an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Truist Financial dropped their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. DA Davidson reduced their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.09.

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.