Kingstone Capital Partners Texas LLC Acquires New Position in GitLab Inc. $GTLB

Key Points

• Kingstone Capital Partners Texas LLC acquired 446,280 shares of GitLab Inc., valued at approximately $21.8 million, making up 0.27% of the company's shares.
• Insider trading saw Director Matthew Jacobson sell 47,300 shares for about $2.37 million, reducing his holdings by 42.75%.
• GitLab's stock has experienced price target adjustments from various analysts, with a consensus rating of "Moderate Buy" and an average target price of $58.88.

Kingstone Capital Partners Texas LLC acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 446,280 shares of the company's stock, valued at approximately $21,803,000. Kingstone Capital Partners Texas LLC owned about 0.27% of GitLab as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. 1832 Asset Management L.P. boosted its stake in GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock worth $107,865,000 after purchasing an additional 2,205,238 shares in the last quarter. Champlain Investment Partners LLC purchased a new stake in shares of GitLab during the 1st quarter worth approximately $60,371,000. ARK Investment Management LLC lifted its stake in shares of GitLab by 109.1% in the first quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock valued at $114,038,000 after purchasing an additional 1,265,830 shares during the period. Nikko Asset Management Americas Inc. boosted its stake in shares of GitLab by 175.1% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,396,613 shares of the company's stock worth $65,529,000 after purchasing an additional 888,900 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new position in GitLab in the first quarter valued at approximately $39,976,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

Insider Activity at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $50.08, for a total transaction of $162,760.00. Following the completion of the transaction, the director directly owned 100,639 shares in the company, valued at $5,040,001.12. The trade was a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Jacobson sold 396,147 shares of the business's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the sale, the director directly owned 73,299 shares of the company's stock, valued at $3,703,798.47. This represents a 84.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,054,852 shares of company stock worth $50,219,603 over the last three months. Company insiders own 21.36% of the company's stock.

GitLab Price Performance

Shares of NASDAQ:GTLB traded down $0.34 during trading on Tuesday, reaching $49.14. 1,479,134 shares of the company were exchanged, compared to its average volume of 3,828,690. The firm has a market capitalization of $8.19 billion, a PE ratio of -1,234.33 and a beta of 0.74. The business's fifty day simple moving average is $45.74 and its 200-day simple moving average is $46.23. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on GTLB shares. Zacks Research upgraded shares of GitLab from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Macquarie reiterated an "outperform" rating and set a $75.00 target price on shares of GitLab in a research note on Thursday, September 4th. UBS Group decreased their price target on GitLab from $73.00 to $60.00 and set a "buy" rating for the company in a research note on Thursday, September 4th. Scotiabank decreased their price target on GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research report on Friday, June 6th. Finally, Piper Sandler dropped their price target on GitLab from $85.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average target price of $58.88.

GitLab 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.