1492 Capital Management LLC Takes Position in GitLab Inc. (NASDAQ:GTLB)

1492 Capital Management LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 17,873 shares of the company's stock, valued at approximately $840,000.

Several other large investors have also recently bought and sold shares of GTLB. Cullen Frost Bankers Inc. raised its holdings in 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 acquiring an additional 334 shares during the period. Cloud Capital Management LLC bought a new stake in GitLab in the 1st quarter valued at $29,000. CoreCap Advisors LLC boosted its stake in 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 stake in 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 raised its holdings in 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 acquiring an additional 216 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Matthew Jacobson sold 129,400 shares of the firm's 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 transaction, the director owned 551,997 shares of the company's stock, valued at $23,360,513.04. This trade represents a 18.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The stock was 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 have sold a total of 509,950 shares of company stock worth $23,288,223 over the last 90 days. Insiders own 16.37% of the company's stock.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of recent analyst reports. The Goldman Sachs Group reiterated a "neutral" rating and issued a $50.00 target price on shares of GitLab in a research report on Tuesday, June 24th. DA Davidson decreased their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. KeyCorp cut their price objective 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. Piper Sandler reissued an "overweight" rating and set a $85.00 target price on shares of GitLab in a research report on Wednesday, June 11th. Finally, Truist Financial reaffirmed a "buy" rating and set a $75.00 price objective (down previously from $80.00) on shares of GitLab in a research note 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 issued a strong buy rating to the company. According to data from MarketBeat.com, GitLab has an average rating of "Moderate Buy" and a consensus price target of $62.63.

GitLab Stock Up 2.4%

Shares of NASDAQ GTLB traded up $1.10 during trading on Friday, reaching $47.89. 3,159,509 shares of the company traded hands, compared to its average volume of 3,422,996. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The stock has a market capitalization of $7.91 billion, a PE ratio of 478.90 and a beta of 0.74. The firm has a 50 day simple moving average of $45.42 and a 200-day simple moving average of $52.08.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the firm earned $0.03 EPS. The company's revenue was up 26.8% on a year-over-year basis. As a group, research analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

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.