Allspring Global Investments Holdings LLC Purchases Shares of 39,264 GitLab Inc. (NASDAQ:GTLB)

Allspring Global Investments Holdings LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLBGet Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 39,264 shares of the company’s stock, valued at approximately $2,011,000.

Several other large investors also recently made changes to their positions in the company. August Capital Management VII L.L.C. acquired a new stake in shares of GitLab in the second quarter valued at approximately $632,327,000. BlackRock Inc. increased its stake in shares of GitLab by 13.1% in the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock valued at $153,635,000 after purchasing an additional 327,244 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of GitLab by 7,180.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock valued at $102,298,000 after purchasing an additional 1,898,622 shares during the period. Altimeter Capital Management LP increased its stake in shares of GitLab by 174.6% in the first quarter. Altimeter Capital Management LP now owns 961,206 shares of the company’s stock valued at $52,338,000 after purchasing an additional 611,206 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of GitLab by 3.2% in the first quarter. Vanguard Group Inc. now owns 905,296 shares of the company’s stock valued at $49,294,000 after purchasing an additional 27,680 shares during the period. Institutional investors and hedge funds own 48.99% of the company’s stock.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $44.21 on Friday. The company has a 50 day moving average price of $43.71 and a 200 day moving average price of $50.83. GitLab Inc. has a 1-year low of $30.74 and a 1-year high of $80.84. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of -35.94 and a beta of -0.40.

GitLab (NASDAQ:GTLBGet Rating) last posted its quarterly earnings data on Monday, December 5th. The company reported ($0.33) EPS for the quarter, hitting analysts’ consensus estimates of ($0.33). GitLab had a negative net margin of 47.30% and a negative return on equity of 23.06%. The firm had revenue of $113.00 million during the quarter, compared to analyst estimates of $106.08 million. During the same quarter last year, the business posted ($0.47) EPS. The company’s revenue was up 69.2% on a year-over-year basis. On average, sell-side analysts expect that GitLab Inc. will post -1.37 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder 2021 Gp L.L.C. Gv acquired 201,897 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The stock was purchased at an average price of $35.16 per share, with a total value of $7,098,698.52. Following the purchase, the insider now owns 1,072,792 shares of the company’s stock, valued at approximately $37,719,366.72. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CRO Michael Eugene Mcbride sold 6,832 shares of the business’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $45.70, for a total transaction of $312,222.40. Following the transaction, the executive now directly owns 869,178 shares in the company, valued at approximately $39,721,434.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv purchased 201,897 shares of the company’s stock in a transaction dated Monday, November 7th. The stock was bought at an average cost of $35.16 per share, for a total transaction of $7,098,698.52. Following the completion of the purchase, the insider now directly owns 1,072,792 shares of the company’s stock, valued at approximately $37,719,366.72. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 661,702 shares of company stock valued at $23,399,217 and sold 68,234 shares valued at $3,053,540. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the subject of several recent analyst reports. UBS Group decreased their price objective on shares of GitLab to $59.00 in a report on Monday, November 28th. Truist Financial decreased their price objective on shares of GitLab from $95.00 to $75.00 in a report on Monday, January 9th. KeyCorp decreased their price objective on shares of GitLab from $63.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, December 6th. Barclays initiated coverage on shares of GitLab in a report on Thursday, December 15th. They issued an “overweight” rating and a $65.00 price objective for the company. Finally, Royal Bank of Canada increased their price objective on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, December 6th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.85.

GitLab Company Profile

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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.

See Also

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Institutional Ownership by Quarter for GitLab (NASDAQ:GTLB)

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