1492 Capital Management LLC Purchases New Stake in GitLab Inc. (NASDAQ:GTLB)

1492 Capital Management LLC bought a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,873 shares of the company's stock, valued at approximately $840,000.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in GitLab by 9,968.3% during the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after buying an additional 42,764 shares in the last quarter. Park Avenue Securities LLC raised its holdings in GitLab by 5.3% during the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after buying an additional 381 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after buying an additional 1,065 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in GitLab during the first quarter valued at about $200,000. Finally, American Century Companies Inc. raised its holdings in GitLab by 314.9% during the fourth quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock valued at $2,183,000 after buying an additional 29,399 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded up $1.10 during midday trading on Friday, reaching $47.89. 3,159,509 shares of the company's stock were exchanged, compared to its average volume of 3,802,915. The company's 50 day simple moving average is $45.35 and its two-hundred day simple moving average is $51.93. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The firm has a market capitalization of $7.91 billion, a PE ratio of 478.90 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its 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 business had revenue of $214.51 million for 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%. The firm's quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. On average, research analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Activity

In related news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction dated 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 of the company's stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction dated 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 transaction, the director directly owned 551,997 shares of the company's stock, valued at $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 509,950 shares of company stock worth $23,288,223. Corporate insiders own 16.37% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. DA Davidson cut their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Royal Bank Of Canada restated an "outperform" rating and set a $62.00 price target on shares of GitLab in a report on Wednesday, June 25th. BTIG Research decreased their price target on shares of GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. 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 for the company. Finally, Piper Sandler restated an "overweight" rating and set a $85.00 price target on shares of GitLab in a report on Wednesday, June 11th. Five equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $62.63.

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.