Envestnet Asset Management Inc. Buys 11,657 Shares of GitLab Inc. (NASDAQ:GTLB)

Envestnet Asset Management Inc. increased its stake in GitLab Inc. (NASDAQ:GTLB) by 3.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 307,749 shares of the company’s stock after purchasing an additional 11,657 shares during the quarter. Envestnet Asset Management Inc. owned 0.19% of GitLab worth $14,464,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC boosted its holdings in GitLab by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after purchasing an additional 166 shares during the last quarter. Utah Retirement Systems boosted its holdings in GitLab by 3.1% in the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after purchasing an additional 200 shares during the last quarter. Mariner LLC boosted its holdings in GitLab by 1.7% in the fourth quarter. Mariner LLC now owns 12,583 shares of the company’s stock worth $709,000 after purchasing an additional 214 shares during the last quarter. True Wealth Design LLC boosted its holdings in GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock worth $73,000 after purchasing an additional 216 shares during the last quarter. Finally, Graham Capital Management L.P. boosted its holdings in GitLab by 0.8% in the fourth quarter. Graham Capital Management L.P. now owns 30,806 shares of the company’s stock worth $1,736,000 after purchasing an additional 242 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Mizuho dropped their target price 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. Royal Bank Of Canada restated an “outperform” rating and set a $62.00 target price on shares of GitLab in a research report on Wednesday, June 25th. Capital One Financial lowered shares of GitLab from an “overweight” rating to an “equal weight” rating and set a $46.00 target price for the company. in a research report on Wednesday. Rosenblatt Securities assumed coverage on shares of GitLab in a research report on Tuesday. They set a “buy” rating and a $58.00 target price for the company. Finally, Needham & Company LLC cut their target price on shares of GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Five equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.63.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $45.37 on Friday. The firm has a fifty day moving average price of $45.94 and a 200 day moving average price of $52.42. 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 $7.50 billion, a price-to-earnings ratio of 453.70 and a beta of 0.74.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping 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 firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. GitLab’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, research analysts predict that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Activity at GitLab

In related news, Director Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director owned 110,389 shares of the company’s stock, valued at approximately $4,967,505. This represents a 2.86% 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 three months. 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.