Vanguard Group Inc. Purchases 302,864 Shares of GitLab Inc. (NASDAQ:GTLB)

Vanguard Group Inc. raised its position in GitLab Inc. (NASDAQ:GTLB) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,445,456 shares of the company’s stock after buying an additional 302,864 shares during the quarter. Vanguard Group Inc. owned about 8.28% of GitLab worth $631,936,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. OneDigital Investment Advisors LLC increased its holdings in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after buying an additional 166 shares during the period. Utah Retirement Systems grew its holdings in shares of GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after purchasing an additional 200 shares during the last quarter. Mariner LLC grew its holdings in shares of GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company’s stock valued at $709,000 after purchasing an additional 214 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of GitLab by 20.0% during 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 last quarter. Finally, Graham Capital Management L.P. grew its holdings in shares of GitLab by 0.8% during the 4th quarter. Graham Capital Management L.P. now owns 30,806 shares of the company’s stock valued at $1,736,000 after purchasing an additional 242 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GTLB has been the topic of several research reports. Rosenblatt Securities initiated coverage on shares of GitLab in a report on Tuesday, July 15th. They set a “buy” rating and a $58.00 price target on the stock. Wells Fargo & Company decreased their price target on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Wednesday, June 11th. JPMorgan Chase & Co. decreased their price target on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating on the stock in a 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. Finally, KeyCorp cut their target price on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.63.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $41.53 on Thursday. The company has a market capitalization of $6.86 billion, a P/E ratio of 415.30 and a beta of 0.73. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The company’s 50 day moving average price is $44.27 and its 200-day moving average price is $50.26.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data 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 company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. GitLab’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 EPS. Analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Activity

In other news, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the sale, the director owned 551,997 shares in the company, valued at $23,360,513.04. The trade was a 18.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab 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 disclosure for this sale can be found here. Insiders sold 353,100 shares of company stock worth $14,974,730 in the last quarter. 16.37% of the stock is owned by corporate 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.