Xponance Inc. purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,643 shares of the company’s stock, valued at approximately $340,000.
Several other institutional investors have also made changes to their positions in the stock. Morgan Stanley boosted its holdings in shares of GitLab by 3.0% during the fourth quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after purchasing an additional 228,085 shares during the period. Vanguard Group Inc. boosted its holdings in shares of GitLab by 73.8% during the third quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock worth $238,132,000 after purchasing an additional 1,973,796 shares during the period. 1832 Asset Management L.P. boosted its holdings in shares of GitLab by 152.1% during the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock worth $179,588,000 after purchasing an additional 2,384,500 shares during the period. BlackRock Inc. boosted its holdings in shares of GitLab by 7.2% during the first quarter. BlackRock Inc. now owns 3,950,657 shares of the company’s stock worth $135,468,000 after purchasing an additional 266,048 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of GitLab by 34.7% during the first quarter. Franklin Resources Inc. now owns 3,375,281 shares of the company’s stock worth $115,738,000 after purchasing an additional 869,131 shares during the period. 54.15% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on GTLB. Sanford C. Bernstein began coverage on shares of GitLab in a research note on Monday, September 11th. They issued an “outperform” rating and a $62.00 target price for the company. Bank of America lifted their target price on shares of GitLab from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. Barclays lifted their target price on shares of GitLab from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, September 6th. Canaccord Genuity Group initiated coverage on shares of GitLab in a research note on Tuesday, September 12th. They issued a “buy” rating and a $62.00 target price for the company. Finally, DA Davidson lifted their price target on shares of GitLab from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, September 6th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.59.
GitLab Stock Performance
Shares of NASDAQ:GTLB opened at $46.02 on Tuesday. GitLab Inc. has a 52 week low of $26.24 and a 52 week high of $58.70. The company’s fifty day moving average is $46.86 and its 200-day moving average is $42.06. The company has a market capitalization of $7.12 billion, a PE ratio of -36.24 and a beta of 0.18.
GitLab (NASDAQ:GTLB – Get Free Report) last issued its earnings results on Tuesday, September 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.04. GitLab had a negative net margin of 37.77% and a negative return on equity of 21.02%. The company had revenue of $139.58 million for the quarter, compared to the consensus estimate of $129.81 million. During the same quarter in the previous year, the company earned ($0.40) EPS. The firm’s revenue for the quarter was up 38.1% compared to the same quarter last year. On average, analysts forecast that GitLab Inc. will post -1.13 EPS for the current year.
Insider Activity
In other news, CRO Michael Eugene Mcbride sold 7,900 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $50.37, for a total value of $397,923.00. Following the sale, the executive now owns 823,898 shares in the company, valued at approximately $41,499,742.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO Michael Eugene Mcbride sold 7,900 shares of the company’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $50.37, for a total transaction of $397,923.00. Following the transaction, the executive now owns 823,898 shares in the company, valued at approximately $41,499,742.26. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $50.02, for a total transaction of $500,200.00. Following the transaction, the chief financial officer now owns 506,849 shares in the company, valued at approximately $25,352,586.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 625,223 shares of company stock worth $31,723,008. Corporate insiders own 28.04% of the company’s stock.
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.