GitLab Inc. (NASDAQ:GTLB) Shares Purchased by Advisory Research Inc.

Advisory Research Inc. boosted its position in shares of GitLab Inc. (NASDAQ:GTLB – Get Rating) by 71.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 21,450 shares of the company’s stock after acquiring an additional 8,947 shares during the quarter. Advisory Research Inc.’s holdings in GitLab were worth $1,099,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GTLB. Raymond James & Associates lifted its position in GitLab by 62.6% during the 1st quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock worth $234,000 after acquiring an additional 1,652 shares during the period. Bank of New York Mellon Corp lifted its position in GitLab by 3,816.3% during the 1st quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock worth $9,930,000 after acquiring an additional 177,687 shares during the period. BlackRock Inc. lifted its position in GitLab by 13.1% during the 1st quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock worth $153,635,000 after acquiring an additional 327,244 shares during the period. Blair William & Co. IL lifted its position in GitLab by 229.4% during the 1st quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock worth $1,857,000 after acquiring an additional 23,746 shares during the period. Finally, Sei Investments Co. acquired a new stake in GitLab during the 1st quarter worth about $1,634,000. Institutional investors and hedge funds own 48.99% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on GTLB. Barclays initiated coverage on GitLab in a research report on Thursday, December 15th. They set an “overweight” rating and a $65.00 price target for the company. Piper Sandler reduced their price objective on GitLab from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, January 5th. Truist Financial reduced their price objective on GitLab from $65.00 to $50.00 in a research note on Tuesday. KeyCorp reduced their price objective on GitLab from $63.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, December 6th. Finally, Royal Bank of Canada reduced their price objective on GitLab from $60.00 to $45.00 in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $61.57.

Insiders Place Their Bets

In other GitLab news, major shareholder Divesh Makan sold 53,676 shares of the business’s stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other GitLab news, major shareholder Divesh Makan sold 53,676 shares of the business’s stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dale R. Brown sold 894 shares of the business’s stock in a transaction that occurred on Thursday, January 5th. The stock was sold at an average price of $41.66, for a total value of $37,244.04. Following the sale, the insider now owns 16,265 shares of the company’s stock, valued at $677,599.90. The disclosure for this sale can be found here. In the last three months, insiders sold 64,082 shares of company stock worth $2,880,100. Corporate insiders own 0.19% of the company’s stock.

GitLab Stock Down 23.9 %

Shares of GitLab stock opened at $33.96 on Wednesday. GitLab Inc. has a twelve month low of $30.92 and a twelve month high of $70.96. The business has a 50-day moving average price of $46.30 and a 200 day moving average price of $47.17. The firm has a market cap of $5.08 billion, a PE ratio of -27.61 and a beta of -0.18.

GitLab (NASDAQ:GTLB – Get Rating) last posted its quarterly earnings data on Monday, March 13th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.11. GitLab had a negative return on equity of 23.06% and a negative net margin of 47.30%. The company had revenue of $122.90 million during the quarter, compared to analyst estimates of $119.59 million. During the same period in the previous year, the business earned ($0.25) EPS. GitLab’s quarterly revenue was up 58.0% on a year-over-year basis. On average, sell-side analysts expect that GitLab Inc. will post -1.37 EPS for the current year.

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.