GAMMA Investing LLC Increases Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

GAMMA Investing LLC grew its position in GitLab Inc. (NASDAQ:GTLB) by 9,968.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,193 shares of the company’s stock after buying an additional 42,764 shares during the quarter. GAMMA Investing LLC’s holdings in GitLab were worth $2,030,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP increased its position in shares of GitLab by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 743,492 shares of the company’s stock valued at $41,896,000 after buying an additional 98,496 shares in the last quarter. California State Teachers Retirement System increased its position in GitLab by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 103,225 shares of the company’s stock worth $5,817,000 after purchasing an additional 1,842 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in GitLab by 15.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 105,307 shares of the company’s stock worth $5,934,000 after purchasing an additional 14,143 shares in the last quarter. Infinitum Asset Management LLC purchased a new stake in GitLab during the 4th quarter worth about $6,762,000. Finally, Polar Asset Management Partners Inc. increased its position in GitLab by 120.1% during the 4th quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock worth $11,805,000 after purchasing an additional 114,300 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the subject of a number of recent research reports. Wells Fargo & Company dropped their price objective on GitLab from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday. DA Davidson dropped their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Robert W. Baird dropped their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Raymond James dropped their price objective on GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Barclays dropped their price objective on GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.59.

GitLab Price Performance

NASDAQ GTLB opened at $41.23 on Friday. The firm has a market capitalization of $6.76 billion, a P/E ratio of -128.84 and a beta of 0.75. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The business’s 50-day simple moving average is $46.45 and its 200-day simple moving average is $55.40.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 EPS. On average, equities research analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total value of $167,635.00. Following the transaction, the director now directly owns 108,733 shares in the company, valued at $5,608,448.14. This trade represents a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 461,584 shares of company stock valued at $23,192,574. Corporate insiders own 16.37% of the company’s stock.

GitLab Company Profile

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.