SG Americas Securities LLC boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB – Free Report) by 259.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,974 shares of the company’s stock after acquiring an additional 18,741 shares during the quarter. SG Americas Securities LLC’s holdings in GitLab were worth $1,328,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of GitLab by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock worth $494,000 after purchasing an additional 257 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of GitLab by 55.3% in the 1st quarter. First Horizon Advisors Inc. now owns 1,433 shares of the company’s stock worth $49,000 after acquiring an additional 510 shares during the period. Parallel Advisors LLC boosted its holdings in shares of GitLab by 36.4% in the first quarter. Parallel Advisors LLC now owns 1,930 shares of the company’s stock valued at $66,000 after acquiring an additional 515 shares in the last quarter. Spouting Rock Asset Management LLC increased its stake in shares of GitLab by 7.0% during the first quarter. Spouting Rock Asset Management LLC now owns 8,041 shares of the company’s stock worth $276,000 after acquiring an additional 526 shares during the period. Finally, Capital Impact Advisors LLC raised its holdings in GitLab by 5.8% during the fourth quarter. Capital Impact Advisors LLC now owns 9,668 shares of the company’s stock worth $439,000 after purchasing an additional 529 shares in the last quarter. 54.15% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on GTLB shares. Royal Bank of Canada boosted their target price on GitLab from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 6th. Wolfe Research initiated coverage on GitLab in a report on Tuesday, June 20th. They set a “market perform” rating on the stock. KeyCorp raised their target price on GitLab from $50.00 to $60.00 in a report on Tuesday, July 18th. Canaccord Genuity Group assumed coverage on shares of GitLab in a research note on Tuesday, September 12th. They set a “buy” rating and a $62.00 price target on the stock. Finally, Scotiabank raised their price objective on shares of GitLab from $58.00 to $60.00 and gave the company an “outperform” rating in a research note 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. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.59.
Insider Activity
In related news, major shareholder Iconiq Strategic Partners Iii, sold 39,582 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $51.31, for a total transaction of $2,030,952.42. Following the sale, the insider now owns 1,298,646 shares in the company, valued at $66,633,526.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Iconiq Strategic Partners Iii, sold 39,582 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $51.31, for a total value of $2,030,952.42. Following the completion of the transaction, the insider now directly owns 1,298,646 shares in the company, valued at $66,633,526.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction dated Monday, July 17th. The stock was 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 sold a total of 625,223 shares of company stock valued at $31,723,008 over the last 90 days. Insiders own 28.04% of the company’s stock.
GitLab Stock Performance
GitLab stock opened at $45.00 on Friday. GitLab Inc. has a fifty-two week low of $26.24 and a fifty-two week high of $58.70. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of -35.43 and a beta of 0.18. The stock has a fifty day moving average of $47.74 and a two-hundred day moving average of $41.94.
GitLab (NASDAQ:GTLB – Get Free Report) last posted its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. The firm had revenue of $139.58 million during the quarter, compared to analysts’ expectations of $129.81 million. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The firm’s quarterly revenue was up 38.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.40) EPS. On average, analysts forecast that GitLab Inc. will post -1.13 EPS for the current fiscal year.
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.
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