Alphabet Inc. lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB – Free Report) by 49.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,933,734 shares of the company’s stock after acquiring an additional 639,207 shares during the quarter. GitLab accounts for about 3.7% of Alphabet Inc.’s holdings, making the stock its 11th largest position. Alphabet Inc. owned about 1.27% of GitLab worth $66,308,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in GitLab by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock worth $494,000 after buying an additional 257 shares during the last quarter. Parallel Advisors LLC increased its position in GitLab by 26.7% in the fourth quarter. Parallel Advisors LLC now owns 1,415 shares of the company’s stock worth $64,000 after buying an additional 298 shares during the last quarter. Spouting Rock Asset Management LLC increased its position in GitLab by 7.0% in the first quarter. Spouting Rock Asset Management LLC now owns 8,041 shares of the company’s stock worth $276,000 after buying an additional 526 shares during the last quarter. Capital Impact Advisors LLC increased its position in GitLab by 5.8% in the fourth quarter. Capital Impact Advisors LLC now owns 9,668 shares of the company’s stock worth $439,000 after buying an additional 529 shares during the last quarter. Finally, Sands Capital Ventures LLC purchased a new stake in GitLab in the fourth quarter worth $30,000. 55.89% of the stock is owned by hedge funds and other institutional investors.
GitLab Stock Down 0.3 %
Shares of GTLB traded down $0.14 during trading hours on Monday, hitting $44.22. The company had a trading volume of 213,091 shares, compared to its average volume of 2,534,502. The firm has a market cap of $6.76 billion, a P/E ratio of -33.10 and a beta of 0.17. The stock’s 50 day moving average price is $48.97 and its 200 day moving average price is $41.78. GitLab Inc. has a 52-week low of $26.24 and a 52-week high of $66.23.
GitLab (NASDAQ:GTLB – Get Free Report) last released its quarterly earnings data on Monday, June 5th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. The firm had revenue of $126.90 million for the quarter, compared to the consensus estimate of $117.84 million. GitLab had a negative return on equity of 22.82% and a negative net margin of 42.84%. The company’s quarterly revenue was up 45.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.30) earnings per share. On average, research analysts expect that GitLab Inc. will post -1.03 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on GTLB. Scotiabank raised their target price on GitLab from $50.00 to $58.00 in a research report on Wednesday, July 19th. DA Davidson raised their price target on GitLab from $30.00 to $45.00 in a report on Tuesday, June 6th. Wolfe Research started coverage on GitLab in a report on Tuesday, June 20th. They issued a “market perform” rating for the company. Bank of America raised their price target on GitLab from $55.00 to $60.00 in a report on Wednesday, July 12th. Finally, Barclays raised their price target on GitLab from $45.00 to $50.00 in a report on Wednesday, June 7th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.88.
Insider Activity at GitLab
In related news, CRO Michael Eugene Mcbride sold 3,900 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $36.24, for a total transaction of $141,336.00. Following the transaction, the executive now owns 843,798 shares in the company, valued at approximately $30,579,239.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CRO Michael Eugene Mcbride sold 3,900 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $36.24, for a total transaction of $141,336.00. Following the transaction, the executive now owns 843,798 shares in the company, valued at approximately $30,579,239.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 230,000 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $53.06, for a total value of $12,203,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 294,480 shares of company stock worth $15,320,459 in the last 90 days. Company insiders own 28.04% of the company’s stock.
About GitLab
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.