River Global Investors LLP Grows Position in GitLab Inc. (NASDAQ:GTLB)

River Global Investors LLP lifted its position in GitLab Inc. (NASDAQ:GTLB) by 24.6% during the 4th quarter, Holdings Channel reports. The firm owned 19,582 shares of the company’s stock after acquiring an additional 3,860 shares during the period. River Global Investors LLP’s holdings in GitLab were worth $1,233,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. M&T Bank Corp purchased a new stake in GitLab during the 4th quarter valued at $271,000. Malaga Cove Capital LLC purchased a new stake in shares of GitLab during the fourth quarter worth about $325,000. Bordeaux Wealth Advisors LLC bought a new stake in shares of GitLab in the fourth quarter worth about $213,000. Amalgamated Bank increased its holdings in GitLab by 2.6% during the 4th quarter. Amalgamated Bank now owns 19,236 shares of the company’s stock valued at $1,211,000 after purchasing an additional 488 shares during the period. Finally, Natixis Advisors L.P. raised its position in GitLab by 36.9% during the 4th quarter. Natixis Advisors L.P. now owns 16,142 shares of the company’s stock valued at $1,016,000 after purchasing an additional 4,353 shares during the last quarter. 91.72% of the stock is owned by hedge funds and other institutional investors.

GitLab Trading Up 0.2 %

NASDAQ:GTLB traded up $0.12 during trading hours on Friday, reaching $54.54. 1,345,857 shares of the company traded hands, compared to its average volume of 1,584,828. The business’s 50-day moving average price is $58.26 and its two-hundred day moving average price is $58.65. GitLab Inc. has a 1 year low of $26.24 and a 1 year high of $78.53. The stock has a market capitalization of $8.65 billion, a P/E ratio of -19.83 and a beta of 0.49.

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

Insiders Place Their Bets

In related news, CEO Sytse Sijbrandij sold 230,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Sytse Sijbrandij sold 230,000 shares of the 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 legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robin Schulman sold 30,543 shares of GitLab stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $75.11, for a total value of $2,294,084.73. Following the completion of the sale, the insider now owns 60,132 shares of the company’s stock, valued at $4,516,514.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 476,926 shares of company stock valued at $26,869,893. Insiders own 28.04% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GTLB. Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 5th. DA Davidson cut their price target on shares of GitLab from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, March 5th. Sanford C. Bernstein upped their price objective on shares of GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. TD Cowen dropped their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 5th. Finally, Wolfe Research raised shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.73.

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.