Concentric Capital Strategies LP Raises Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Concentric Capital Strategies LP raised its holdings in GitLab Inc. (NASDAQ:GTLB) by 134.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 110,417 shares of the company’s stock after purchasing an additional 63,414 shares during the period. Concentric Capital Strategies LP’s holdings in GitLab were worth $6,222,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab in the 4th quarter valued at about $46,000. Raleigh Capital Management Inc. acquired a new stake in GitLab during the fourth quarter worth about $66,000. Finally, Smartleaf Asset Management LLC boosted its stake in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after acquiring an additional 1,153 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

NASDAQ:GTLB opened at $46.50 on Wednesday. The stock has a market cap of $7.55 billion, a PE ratio of -145.33 and a beta of 0.79. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The stock’s 50-day moving average is $48.21 and its two-hundred day moving average is $57.49.

Analyst Upgrades and Downgrades

GTLB has been the topic of several recent research reports. Macquarie reiterated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Barclays reduced their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Truist Financial dropped their target price on GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, KeyCorp cut their price objective on GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $71.73.

Insider Buying and Selling

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now directly owns 144,913 shares in the company, valued at $7,518,086.44. The trade was a 21.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 304,734 shares of company stock worth $14,879,081. 21.36% of the stock is owned by company insiders.

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.