Poinciana Advisors Group LLC Invests $231,000 in GitLab Inc. (NASDAQ:GTLB)

Poinciana Advisors Group LLC bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 4,095 shares of the company’s stock, valued at approximately $231,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Y Intercept Hong Kong Ltd bought a new stake in GitLab in the third quarter valued at about $678,000. State Street Corp increased its holdings in GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares during the last quarter. Barclays PLC increased its holdings in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after buying an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab in the third quarter valued at about $6,865,000. Finally, Barton Investment Management increased its holdings in GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after buying an additional 167,290 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 730,257 shares of company stock worth $44,034,967 over the last ninety days. Company insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GTLB shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Barclays lowered their target price on 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 reaffirmed a “buy” rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Scotiabank upped their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Three investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Price Performance

GTLB opened at $52.08 on Friday. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of -162.75 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18. The business has a 50 day moving average price of $63.76 and a two-hundred day moving average price of $59.07.

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.