30,851 Shares in GitLab Inc. (NASDAQ:GTLB) Bought by Carmel Capital Partners LLC

Carmel Capital Partners LLC bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 30,851 shares of the company's stock, valued at approximately $1,450,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jennison Associates LLC acquired a new position in GitLab during the 1st quarter valued at $466,000. Cullen Frost Bankers Inc. raised its holdings in GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after buying an additional 334 shares during the period. Stephens Investment Management Group LLC raised its holdings in shares of GitLab by 4.6% in the first quarter. Stephens Investment Management Group LLC now owns 744,279 shares of the company's stock valued at $34,981,000 after purchasing an additional 32,570 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of GitLab by 5.4% in the first quarter. New York State Common Retirement Fund now owns 587,934 shares of the company's stock valued at $27,633,000 after buying an additional 30,011 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in GitLab by 2.1% during the first quarter. Arizona State Retirement System now owns 32,363 shares of the company's stock worth $1,521,000 after purchasing an additional 664 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Up 3.3%

Shares of NASDAQ:GTLB opened at $45.37 on Friday. The business has a 50-day moving average price of $45.94 and a 200-day moving average price of $52.39. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of 453.70 and a beta of 0.74. 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 posted its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The company had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company's revenue for the quarter was up 26.8% on a year-over-year basis. As a group, equities analysts anticipate that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Barclays cut their target price on GitLab from $58.00 to $47.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 11th. Raymond James Financial cut their target price on GitLab from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, June 11th. Macquarie restated an "outperform" rating and issued a $75.00 target price on shares of GitLab in a research note on Wednesday, June 25th. Rosenblatt Securities began coverage on GitLab in a report on Tuesday, July 15th. They set a "buy" rating and a $58.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Five investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GitLab presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.63.

Insider Buying and Selling

In related news, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $43.33, for a total value of $4,705,638.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were 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 $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. 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.

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.

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