Summit Global Investments Makes New $295,000 Investment in GitLab Inc. (NASDAQ:GTLB)

Summit Global Investments acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, Holdings Channel.com reports. The firm acquired 5,242 shares of the company’s stock, valued at approximately $295,000.

Several other hedge funds have also made changes to their positions in GTLB. M&T Bank Corp raised its holdings in GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after purchasing an additional 281 shares during the period. PNC Financial Services Group Inc. boosted its stake in GitLab by 17.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock worth $128,000 after buying an additional 328 shares in the last quarter. Finally, Glenmede Trust Co. NA raised its stake in shares of GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Insider Activity

In related news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 744,011 shares of company stock valued at $44,546,933 over the last 90 days. 21.36% of the stock is owned by company insiders.

GitLab Stock Performance

Shares of GTLB opened at $52.12 on Tuesday. The business’s fifty day moving average price is $62.66 and its two-hundred day moving average price is $59.31. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of -162.88 and a beta of 0.67. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley upped their price objective on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Mizuho cut their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Piper Sandler upped their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Robert W. Baird cut their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.52.

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.