Ieq Capital LLC Has $7.45 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Ieq Capital LLC increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 201.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 132,250 shares of the company’s stock after acquiring an additional 88,394 shares during the period. Ieq Capital LLC’s holdings in GitLab were worth $7,452,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in GTLB. SG Americas Securities LLC acquired a new position in GitLab during the third quarter worth $119,000. Creative Planning acquired a new stake in GitLab in the third quarter valued at $208,000. Blue Trust Inc. lifted its stake in GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares during the last quarter. Cullinan Associates Inc. acquired a new stake in GitLab in the third quarter valued at $2,606,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in GitLab by 22.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,000 shares of the company’s stock valued at $568,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Performance

NASDAQ:GTLB opened at $67.45 on Friday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $76.41. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of -210.78 and a beta of 0.63. The firm’s 50-day simple moving average is $63.87 and its 200 day simple moving average is $57.54.

Insider Buying and Selling at GitLab

In other GitLab news, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s 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 transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of recent analyst reports. TD Cowen increased their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Robert W. Baird increased their price target on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Wells Fargo & Company increased their price target on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. increased their price target on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Scotiabank increased their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.62.

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.