Amalgamated Bank Has $401,000 Stake in GitLab Inc. (NASDAQ:GTLB)

Amalgamated Bank boosted its holdings in GitLab Inc. (NASDAQ:GTLB) by 7.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,537 shares of the company’s stock after purchasing an additional 571 shares during the quarter. Amalgamated Bank’s holdings in GitLab were worth $401,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. raised its stake in GitLab by 161.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,326,067 shares of the company’s stock worth $62,325,000 after purchasing an additional 818,354 shares in the last quarter. Westend Capital Management LLC raised its stake in GitLab by 1.7% in the 1st quarter. Westend Capital Management LLC now owns 177,563 shares of the company’s stock worth $8,345,000 after purchasing an additional 2,897 shares in the last quarter. Diversified Trust Co acquired a new stake in GitLab in the 1st quarter worth about $346,000. Legacy Advisors LLC acquired a new stake in GitLab in the 1st quarter worth about $557,000. Finally, Palumbo Wealth Management LLC raised its position in shares of GitLab by 38.1% in the 1st quarter. Palumbo Wealth Management LLC now owns 7,954 shares of the company’s stock valued at $374,000 after buying an additional 2,193 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Performance

NASDAQ:GTLB opened at $45.09 on Friday. The firm’s fifty day moving average is $46.44 and its 200-day moving average is $53.05. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a market cap of $7.45 billion, a P/E ratio of 450.90 and a beta of 0.74.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. During the same period in the prior year, the firm posted $0.03 EPS. The company’s quarterly revenue was up 26.8% on a year-over-year basis. As a group, sell-side analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Activity

In related news, CFO Brian G. Robins sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the transaction, the chief financial officer owned 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.44, for a total transaction of $4,500,384.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 509,950 shares of company stock valued at $23,238,267. Company insiders own 16.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wells Fargo & Company dropped their target price on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, June 11th. Barclays dropped their target price on shares of GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 11th. Mizuho decreased their price target on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, June 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $50.00 price target on shares of GitLab in a report on Tuesday, June 24th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $62.00 price target on shares of GitLab in a report on Wednesday, June 25th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.59.

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.