The Manufacturers Life Insurance Company Grows Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

The Manufacturers Life Insurance Company increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 5.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,377 shares of the company’s stock after purchasing an additional 1,417 shares during the period. The Manufacturers Life Insurance Company’s holdings in GitLab were worth $1,514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Marin grew its position in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares during the period. Moloney Securities Asset Management LLC boosted its stake in shares of GitLab by 4.9% in the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after buying an additional 300 shares during the last quarter. Canton Hathaway LLC grew its holdings in GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after acquiring an additional 435 shares during the period. Blue Trust Inc. raised its position in GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares in the last quarter. Finally, Caprock Group LLC lifted its holdings in GitLab by 1.9% in the second quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock valued at $1,555,000 after acquiring an additional 586 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

GTLB stock opened at $61.58 on Wednesday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a market capitalization of $9.88 billion, a PE ratio of -192.44 and a beta of 0.54. The business has a 50 day simple moving average of $58.22 and a 200-day simple moving average of $52.27.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares of the company’s stock, valued at $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total value of $177,840.00. Following the sale, the director now directly owns 141,233 shares of the company’s stock, valued at $7,728,269.76. The trade was a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 178,365 shares of company stock valued at $10,350,684. Insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GTLB. TD Cowen raised their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. The Goldman Sachs Group raised their price target on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Barclays upped their price objective on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday. Piper Sandler raised their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.88.

GitLab 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.