GitLab Inc. (NASDAQ:GTLB) Shares Purchased by Cetera Investment Advisers

Cetera Investment Advisers increased its position in shares of GitLab Inc. (NASDAQ:GTLB) by 43.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,636 shares of the company’s stock after acquiring an additional 16,849 shares during the period. Cetera Investment Advisers’ holdings in GitLab were worth $2,615,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its position in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock valued at $25,000 after purchasing an additional 334 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of GitLab in the 1st quarter valued at about $29,000. CoreCap Advisors LLC boosted its position in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares during the period. GAMMA Investing LLC boosted its position in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock valued at $43,000 after purchasing an additional 490 shares during the period. Finally, True Wealth Design LLC boosted its position in shares of GitLab by 20.0% in the 4th 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 period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the transaction, the chief financial officer directly owned 344,105 shares in the company, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 value of $4,705,638.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 509,950 shares of company stock worth $23,288,223. 16.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GTLB has been the subject of a number of research analyst reports. UBS Group decreased their target price on GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Mizuho decreased their price objective on GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, June 11th. Needham & Company LLC decreased their price objective on GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Wells Fargo & Company decreased 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, June 11th. Finally, Cowen reissued a “buy” rating on shares of GitLab in a report on Friday, June 6th. Five investment 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. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average price target of $62.63.

GitLab Stock Performance

GitLab stock opened at $43.76 on Thursday. The stock has a fifty day moving average of $44.91 and a two-hundred day moving average of $51.13. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of 437.60 and a beta of 0.73. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. GitLab’s revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 earnings per share. On average, analysts forecast that GitLab Inc. will post -0.31 EPS for the current fiscal year.

GitLab 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.