Northside Capital Management LLC Takes $329,000 Position in GitLab Inc. (NASDAQ:GTLB)

Northside Capital Management LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,834 shares of the company’s stock, valued at approximately $329,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter valued at $52,000. True Wealth Design LLC purchased a new stake in GitLab in the 3rd quarter valued at about $56,000. Rakuten Securities Inc. lifted its position in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the last quarter. Quarry LP boosted its stake in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab during the third quarter valued at about $96,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 725,947 shares of company stock valued at $43,246,539 in the last three months. 21.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Macquarie reaffirmed an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, January 7th. Piper Sandler raised their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Scotiabank boosted their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Up 2.8 %

Shares of GTLB stock opened at $62.93 on Thursday. The stock’s 50-day moving average is $61.19 and its two-hundred day moving average is $54.64. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53.

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.