MML Investors Services LLC Takes $1.69 Million Position in GitLab Inc. (NASDAQ:GTLB)

MML Investors Services LLC purchased a new position in GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 32,700 shares of the company’s stock, valued at approximately $1,685,000.

A number of other hedge funds also recently modified their holdings of GTLB. Sumitomo Mitsui Trust Holdings Inc. bought a new position in GitLab in the 2nd quarter valued at about $214,000. Summit Global Investments acquired a new stake in shares of GitLab during the 2nd quarter worth approximately $293,000. Lecap Asset Management Ltd. acquired a new position in GitLab during the second quarter valued at approximately $595,000. Bank of New York Mellon Corp raised its position in GitLab by 30.1% during the second quarter. Bank of New York Mellon Corp now owns 676,579 shares of the company’s stock valued at $33,640,000 after purchasing an additional 156,582 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in GitLab by 549.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock worth $185,000 after purchasing an additional 3,152 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 181,615 shares of company stock worth $10,542,402. Company insiders own 21.36% of the company’s stock.

GitLab Stock Up 0.1 %

Shares of NASDAQ GTLB opened at $59.14 on Wednesday. The company has a market capitalization of $9.60 billion, a PE ratio of -184.81 and a beta of 0.54. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a fifty day simple moving average of $59.46 and a 200 day simple moving average of $52.60.

Analyst Ratings Changes

GTLB has been the topic of several recent analyst reports. TD Cowen lifted their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. UBS Group lifted their target price on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada increased their target price on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Finally, Baird R W raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Company 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.