Park Avenue Securities LLC Purchases 381 Shares of GitLab Inc. (NASDAQ:GTLB)

Park Avenue Securities LLC boosted its position in GitLab Inc. (NASDAQ:GTLB) by 5.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,601 shares of the company’s stock after purchasing an additional 381 shares during the period. Park Avenue Securities LLC’s holdings in GitLab were worth $357,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GTLB. Vanguard Group Inc. increased its stake in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership increased its stake in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. boosted its holdings in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 shares during the period. 95.04% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GTLB shares. Canaccord Genuity Group reduced their price target on shares of GitLab from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday. Royal Bank of Canada decreased their price objective on shares of GitLab from $68.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 11th. Needham & Company LLC decreased their price objective on shares of GitLab from $85.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, June 11th. Macquarie cut their target price on shares of GitLab from $90.00 to $75.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 11th. Finally, BTIG Research cut their target price on shares of GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.59.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $41.23 on Monday. The firm has a fifty day moving average price of $46.45 and a 200 day moving average price of $55.28. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -128.84 and a beta of 0.75.

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

Insider Activity

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the transaction, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director now directly owns 111,983 shares in the company, valued at $5,039,235. This trade represents a 2.82% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by company insiders.

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.