Arkfeld Wealth Strategies L.L.C. Takes $722,000 Position in GitLab Inc. (NASDAQ:GTLB)

Arkfeld Wealth Strategies L.L.C. purchased a new stake in GitLab Inc. (NASDAQ:GTLB) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 12,452 shares of the company’s stock, valued at approximately $722,000.

Several other large investors have also modified their holdings of the business. Ramirez Asset Management Inc. acquired a new position in GitLab during the 3rd quarter worth about $36,000. SRS Capital Advisors Inc. acquired a new stake in GitLab in the 3rd quarter valued at about $40,000. Banque Cantonale Vaudoise acquired a new stake in GitLab in the 1st quarter valued at about $58,000. Harvest Fund Management Co. Ltd acquired a new stake in GitLab in the 4th quarter valued at about $71,000. Finally, Quarry LP raised its position in GitLab by 75.1% in the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GTLB. Bank of America dropped their price objective on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. UBS Group dropped their price objective on GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Royal Bank of Canada dropped their price objective on GitLab from $80.00 to $74.00 and set an “outperform” rating on the stock in a report on Monday, June 3rd. Cantor Fitzgerald dropped their price objective on GitLab from $70.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, TD Cowen dropped their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Tuesday, March 5th. Four analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average price target of $67.70.

GitLab Stock Performance

GTLB stock traded up $4.96 during midday trading on Wednesday, hitting $48.56. 7,754,781 shares of the stock were exchanged, compared to its average volume of 2,606,405. The stock’s 50-day moving average price is $50.90 and its 200-day moving average price is $59.34. GitLab Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $78.53.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the transaction, the chief financial officer now owns 293,508 shares of the company’s stock, valued at $13,342,873.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the transaction, the chief financial officer now owns 293,508 shares of the company’s stock, valued at $13,342,873.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 139,828 shares of company stock valued at $7,500,119. Corporate insiders own 21.36% of the company’s stock.

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.