Park Avenue Securities LLC Buys 1,816 Shares of GitLab Inc. $GTLB

Park Avenue Securities LLC lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 23.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,417 shares of the company’s stock after acquiring an additional 1,816 shares during the period. Park Avenue Securities LLC’s holdings in GitLab were worth $425,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in GTLB. Cullen Frost Bankers Inc. raised its position in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after acquiring an additional 334 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of GitLab in the 1st quarter worth about $29,000. Twin Tree Management LP bought a new position in shares of GitLab in the 1st quarter worth about $29,000. Harbour Investments Inc. raised its position in shares of GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock worth $42,000 after acquiring an additional 734 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after acquiring an additional 490 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $45.16, for a total transaction of $4,904,376.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Jacobson sold 396,147 shares of GitLab stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total value of $20,017,307.91. Following the transaction, the director owned 73,299 shares of the company’s stock, valued at $3,703,798.47. This trade represents a 84.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,219,171 shares of company stock worth $59,495,444. Insiders own 16.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on GTLB shares. Rosenblatt Securities reissued a “buy” rating and issued a $58.00 price objective on shares of GitLab in a research report on Thursday, September 4th. JPMorgan Chase & Co. decreased their target price on GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Wednesday, June 11th. Barclays decreased their target price on GitLab from $47.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, September 5th. Morgan Stanley boosted their target price on GitLab from $53.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, June 11th. Finally, Guggenheim started coverage on GitLab in a research report on Thursday, September 11th. They issued a “buy” rating and a $70.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.88.

GitLab Stock Performance

GTLB stock opened at $46.85 on Tuesday. The company has a market capitalization of $7.81 billion, a P/E ratio of -1,171.25 and a beta of 0.75. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The business has a 50-day simple moving average of $46.09 and a two-hundred day simple moving average of $46.08.

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.