GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Arnhold LLC

Arnhold LLC raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 22.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,711 shares of the company’s stock after acquiring an additional 1,583 shares during the period. Arnhold LLC’s holdings in GitLab were worth $548,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Ramirez Asset Management Inc. acquired a new position in shares of GitLab in the 3rd quarter valued at $36,000. SRS Capital Advisors Inc. acquired a new position in shares of GitLab in the 3rd quarter valued at $40,000. Harvest Fund Management Co. Ltd acquired a new position in shares of GitLab in the 4th quarter valued at $71,000. Canton Hathaway LLC lifted its stake in shares of GitLab by 100.0% in the 4th quarter. Canton Hathaway LLC now owns 1,188 shares of the company’s stock valued at $75,000 after purchasing an additional 594 shares during the period. Finally, Federated Hermes Inc. acquired a new position in shares of GitLab in the 3rd quarter valued at $112,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction on Friday, March 15th. The stock was sold at an average price of $53.59, for a total transaction of $12,325,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Sundeep Bedi sold 9,000 shares of GitLab stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $58.64, for a total transaction of $527,760.00. Following the completion of the transaction, the director now owns 8,369 shares of the company’s stock, valued at approximately $490,758.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction on Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 476,926 shares of company stock worth $26,869,893. Insiders own 28.04% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the subject of several analyst reports. KeyCorp started coverage on shares of GitLab in a research note on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 target price for the company. Bank of America lowered their target price on shares of GitLab from $88.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. TD Cowen lowered their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Tuesday, March 5th. Wells Fargo & Company started coverage on shares of GitLab in a research note on Tuesday, April 9th. They set an “overweight” rating and a $70.00 target price for the company. Finally, Mizuho lowered their target price on shares of GitLab from $87.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $70.73.

GitLab Stock Down 5.2 %

GitLab stock traded down $2.88 during mid-day trading on Tuesday, hitting $52.47. The company had a trading volume of 1,696,758 shares, compared to its average volume of 2,558,307. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of -19.08 and a beta of 0.46. GitLab Inc. has a 1 year low of $26.24 and a 1 year high of $78.53. The business has a fifty day moving average of $59.16 and a 200 day moving average of $58.50.

GitLab (NASDAQ:GTLB) last announced its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. The business had revenue of $163.80 million for the quarter, compared to analyst estimates of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The company’s revenue for the quarter was up 33.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.26) earnings per share. Equities analysts anticipate that GitLab Inc. will post -0.96 earnings per share for the current year.

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.