18,866 Shares in GitLab Inc. (NASDAQ:GTLB) Acquired by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP has acquired a new position in GitLab Inc. by purchasing 18,866 shares valued at approximately $887,000 during the first quarter.
• Numerous hedge funds have significantly increased their holdings in GitLab, with GAMMA Investing LLC raising its position by over 9,968%, now owning 43,193 shares worth $2,030,000.
• GitLab reported a 26.8% increase in revenue year-over-year for its last quarter, with earnings per share exceeding analyst estimates at $0.17.

Aigen Investment Management LP acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 18,866 shares of the company's stock, valued at approximately $887,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of GTLB. LPL Financial LLC raised its stake in GitLab by 67.8% during the fourth quarter. LPL Financial LLC now owns 36,549 shares of the company's stock worth $2,060,000 after acquiring an additional 14,765 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of GitLab by 26.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 296,092 shares of the company's stock valued at $16,685,000 after purchasing an additional 61,116 shares during the period. Advisory Services Network LLC increased its stake in shares of GitLab by 331.8% in the fourth quarter. Advisory Services Network LLC now owns 18,838 shares of the company's stock valued at $1,062,000 after purchasing an additional 14,475 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $3,392,000. Finally, Scotia Capital Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $287,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Insider Buying and Selling

In related news, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total value of $4,705,638.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director directly owned 107,139 shares of the company's stock, valued at $4,821,255. This represents a 2.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 356,350 shares of company stock worth $15,142,365. Corporate insiders own 16.37% of the company's stock.

GitLab Stock Up 5.8%

NASDAQ:GTLB traded up $2.28 during trading hours on Wednesday, reaching $41.53. 6,810,565 shares of the company's stock were exchanged, compared to its average volume of 3,603,873. The company has a market capitalization of $6.86 billion, a P/E ratio of 415.30 and a beta of 0.73. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The business's 50-day simple moving average is $44.27 and its two-hundred day simple moving average is $50.26.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. The firm 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%. The firm's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the firm posted $0.03 earnings per share. As a group, sell-side analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

GTLB has been the topic of several analyst reports. Macquarie restated an "outperform" rating and issued a $75.00 price target on shares of GitLab in a research note on Wednesday, June 25th. Truist Financial restated a "buy" rating and issued a $75.00 price target (down previously from $80.00) on shares of GitLab in a research note on Wednesday, June 11th. Raymond James Financial dropped their price target on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Cowen restated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Finally, Mizuho dropped their price target on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $62.63.

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.