Cerity Partners LLC Grows Stock Position in GitLab Inc. (NASDAQ:GTLB)

Cerity Partners LLC boosted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 32.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,973 shares of the company’s stock after purchasing an additional 17,973 shares during the period. Cerity Partners LLC’s holdings in GitLab were worth $3,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the period. Cloud Capital Management LLC purchased a new stake in shares of GitLab during the first quarter worth approximately $29,000. CoreCap Advisors LLC lifted its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of GitLab by 114.2% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after acquiring an additional 490 shares in the last quarter. Finally, True Wealth Design LLC increased its stake in GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock valued at $73,000 after purchasing an additional 216 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on GTLB. JPMorgan Chase & Co. cut their price target on GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research note on Wednesday, June 11th. Cantor Fitzgerald dropped their price objective on GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, June 11th. Morgan Stanley upped their target price on GitLab from $53.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, June 11th. Mizuho lowered their price objective on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, June 11th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a report on Tuesday, June 24th. Five equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.63.

Insider Buying and Selling at GitLab

In related news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Friday, June 27th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director owned 110,389 shares of the company’s stock, valued at $4,967,505. The trade was a 2.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the sale, the chief financial officer owned 344,105 shares in the company, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 509,950 shares of company stock worth $23,288,223 in the last ninety days. 16.37% of the stock is owned by company insiders.

GitLab Trading Up 3.3%

GitLab stock opened at $45.37 on Friday. The firm has a market capitalization of $7.50 billion, a price-to-earnings ratio of 453.70 and a beta of 0.74. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The firm has a 50 day simple moving average of $45.94 and a 200 day simple moving average of $52.42.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results 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 firm had revenue of $214.51 million for the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. On average, equities research analysts forecast that GitLab Inc. will post -0.31 EPS for the current year.

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.