Arkfeld Wealth Strategies L.L.C. Purchases Shares of 12,452 GitLab Inc. (NASDAQ:GTLB)

Arkfeld Wealth Strategies L.L.C. acquired a new stake in GitLab Inc. (NASDAQ:GTLB) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 12,452 shares of the company’s stock, valued at approximately $722,000.

Several other hedge funds and other institutional investors have also modified their holdings of GTLB. Ramirez Asset Management Inc. acquired a new position in GitLab during the 3rd quarter worth approximately $36,000. SRS Capital Advisors Inc. acquired a new position in GitLab during the 3rd quarter worth approximately $40,000. Banque Cantonale Vaudoise acquired a new position in GitLab during the 1st quarter worth approximately $58,000. Harvest Fund Management Co. Ltd acquired a new position in GitLab during the 4th quarter worth approximately $71,000. Finally, Quarry LP lifted its position in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares in the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

GitLab Trading Up 11.4 %

GTLB stock traded up $4.96 during trading on Wednesday, reaching $48.56. 7,754,781 shares of the company’s stock were exchanged, compared to its average volume of 2,606,405. GitLab Inc. has a 1-year low of $40.19 and a 1-year high of $78.53. The company’s fifty day moving average price is $50.90 and its 200-day moving average price is $59.34.

Analysts Set New Price Targets

Several research firms recently commented on GTLB. Canaccord Genuity Group reduced their price target on GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Mizuho cut their target price on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Sanford C. Bernstein upped their target price on GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. Barclays cut their target price on GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. cut their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $67.70.

Insider Activity

In other news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the sale, the chief financial officer now owns 305,175 shares in the company, valued at $13,293,423. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the sale, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at $13,293,423. The disclosure for this sale can be found here. Insiders sold a total of 139,828 shares of company stock worth $7,500,119 over the last 90 days. 21.36% of the stock is currently owned by company insiders.

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.