11,841 Shares in GitLab Inc. (NASDAQ:GTLB) Purchased by Legacy Advisors LLC

Legacy Advisors LLC purchased a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 11,841 shares of the company's stock, valued at approximately $557,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. M&T Bank Corp raised its stake in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company's stock valued at $280,000 after buying an additional 148 shares during the last quarter. OneDigital Investment Advisors LLC grew its holdings in GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after acquiring an additional 166 shares during the period. Utah Retirement Systems grew its holdings in GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock worth $372,000 after acquiring an additional 200 shares during the period. Mariner LLC raised its position in GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company's stock valued at $709,000 after acquiring an additional 214 shares in the last quarter. Finally, True Wealth Design LLC lifted 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 valued at $73,000 after acquiring 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 other GitLab news, CFO Brian G. Robins sold 45,000 shares of the firm'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 sale, the chief financial officer now directly owns 344,105 shares of the company's stock, valued at $18,251,329.20. This trade represents a 11.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $53.03, for a total value of $5,759,058.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 377,300 shares of company stock worth $17,615,809. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Up 5.2%

GitLab stock opened at $42.83 on Wednesday. The company has a fifty day simple moving average of $46.21 and a 200-day simple moving average of $54.22. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 428.30 and a beta of 0.75. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) 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 analysts' expectations of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. GitLab's revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 EPS. On average, research analysts anticipate that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GTLB shares. Morgan Stanley raised their price objective on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. BTIG Research dropped their price target on shares of GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Mizuho cut their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Needham & Company LLC decreased their price objective 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. Finally, Cantor Fitzgerald lowered their target price on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and a consensus 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.

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