Forge First Asset Management Inc. Invests $2.46 Million in GitLab Inc. (NASDAQ:GTLB)

Forge First Asset Management Inc. bought a new position in GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 43,600 shares of the company’s stock, valued at approximately $2,456,000. GitLab accounts for about 0.9% of Forge First Asset Management Inc.’s investment portfolio, making the stock its 27th biggest holding.

Other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares during the period. True Wealth Design LLC bought a new stake in GitLab during the third quarter valued at about $56,000. Raleigh Capital Management Inc. bought a new stake in shares of GitLab in the fourth quarter worth about $66,000. Smartleaf Asset Management LLC increased its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares during the last quarter. Finally, Rakuten Securities Inc. increased its holdings in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 267,380 shares in the company, valued at $15,037,451.20. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the transaction, the director now owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 730,257 shares of company stock worth $44,034,967. Company insiders own 21.36% of the company’s stock.

GitLab Stock Performance

Shares of GitLab stock opened at $51.94 on Wednesday. The firm has a 50-day simple moving average of $64.12 and a two-hundred day simple moving average of $59.14. The company has a market cap of $8.43 billion, a P/E ratio of -162.31 and a beta of 0.67. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18.

Analyst Ratings Changes

Several research analysts recently commented on the company. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Barclays dropped their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group lifted their price target on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Wells Fargo & Company lifted 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, February 20th. Finally, TD Cowen lifted 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. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Company 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.