Moloney Securities Asset Management LLC Buys 300 Shares of GitLab Inc. (NASDAQ:GTLB)

Moloney Securities Asset Management LLC grew its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 4.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 6,400 shares of the company’s stock after purchasing an additional 300 shares during the period. Moloney Securities Asset Management LLC’s holdings in GitLab were worth $318,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its stake in shares of GitLab by 456.6% in the 4th quarter. Federated Hermes Inc. now owns 13,831 shares of the company’s stock worth $871,000 after buying an additional 11,346 shares during the last quarter. CWM LLC boosted its stake in shares of GitLab by 23.9% in the 4th quarter. CWM LLC now owns 3,388 shares of the company’s stock worth $213,000 after buying an additional 654 shares during the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of GitLab by 2.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock worth $918,000 after buying an additional 290 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of GitLab by 766.9% in the 4th quarter. Victory Capital Management Inc. now owns 254,483 shares of the company’s stock worth $16,022,000 after buying an additional 225,129 shares during the last quarter. Finally, Natixis Advisors L.P. boosted its stake in shares of GitLab by 36.9% in the 4th quarter. Natixis Advisors L.P. now owns 16,142 shares of the company’s stock worth $1,016,000 after buying an additional 4,353 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Merline Saintil sold 1,182 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the completion of the transaction, the director now directly owns 9,902 shares in the company, valued at approximately $510,052.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,275 shares of company stock valued at $6,848,847. 21.36% of the stock is currently owned by company insiders.

GitLab Price Performance

NASDAQ:GTLB opened at $47.40 on Friday. The company has a market cap of $7.53 billion, a P/E ratio of -17.24 and a beta of 0.46. The stock’s fifty day moving average price is $48.66 and its two-hundred day moving average price is $53.64. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.09. The firm had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. On average, analysts expect that GitLab Inc. will post -0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Bank of America cut their target price on GitLab from $80.00 to $66.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. KeyCorp cut their target price on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. TD Cowen cut their target price on GitLab from $76.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Baird R W upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Mizuho dropped their price objective on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $65.63.

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.