Essential Planning LLC. Invests $3.03 Million in GitLab Inc. (NASDAQ:GTLB)

Essential Planning LLC. bought a new position in GitLab Inc. (NASDAQ:GTLB) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 52,000 shares of the company’s stock, valued at approximately $3,026,000.

Several other large investors have also recently modified their holdings of the business. M&T Bank Corp increased its stake in shares of GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after purchasing an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position 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 acquiring an additional 150 shares during the period. Bank of Marin boosted its position in shares of GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after acquiring an additional 281 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock valued at $128,000 after acquiring an additional 328 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Stock Up 1.6 %

Shares of NASDAQ GTLB opened at $52.79 on Thursday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18. The firm’s fifty day moving average is $64.04 and its 200 day moving average is $59.10. The company has a market cap of $8.57 billion, a price-to-earnings ratio of -164.97 and a beta of 0.67.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Scotiabank raised 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. Truist Financial restated a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, Mizuho dropped their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. The trade was a 3.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 730,257 shares of company stock valued at $44,034,967. 21.36% of the stock is currently owned by company insiders.

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.