Palumbo Wealth Management LLC Increases Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Palumbo Wealth Management LLC raised its position in shares of GitLab Inc. (NASDAQ:GTLB) by 26.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,761 shares of the company’s stock after acquiring an additional 1,222 shares during the period. Palumbo Wealth Management LLC’s holdings in GitLab were worth $325,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new stake in GitLab during the third quarter valued at about $678,000. State Street Corp grew its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the period. Barclays PLC boosted its position in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after buying an additional 40,171 shares during the period. Oddo BHF Asset Management Sas purchased a new stake in shares of GitLab in the third quarter worth about $6,865,000. Finally, Barton Investment Management boosted its position in shares of GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after buying an additional 167,290 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the sale, the director now owns 134,733 shares in the company, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 825,033 shares of company stock valued at $49,766,908. Insiders own 21.36% of the company’s stock.

GitLab Trading Down 3.9 %

Shares of NASDAQ GTLB opened at $67.83 on Friday. The company has a market cap of $11.01 billion, a price-to-earnings ratio of -211.97 and a beta of 0.63. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $76.58. The stock’s 50 day simple moving average is $63.47 and its 200 day simple moving average is $57.11.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several analyst reports. Royal Bank of Canada upped their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. DA Davidson upped their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. JPMorgan Chase & Co. upped their target price on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Morgan Stanley upped their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $76.42.

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.