Allianz Asset Management GmbH Raises Position in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Allianz Asset Management GmbH significantly increased its ownership in GitLab by 7,764%, acquiring an additional 287,269 shares in the first quarter, bringing its total to 290,969 shares valued at approximately $13.68 million.
• Institutional investors now hold 95.04% of GitLab's stock, with several hedge funds, including Norges Bank and Ameriprise Financial, making substantial purchases in recent quarters.
• GitLab has received mixed ratings from analysts, with target prices ranging from $47.00 to $85.00, and a consensus rating of "Moderate Buy" alongside a current market cap of $7.91 billion.

Allianz Asset Management GmbH increased its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 7,764.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 290,969 shares of the company's stock after buying an additional 287,269 shares during the quarter. Allianz Asset Management GmbH owned about 0.18% of GitLab worth $13,676,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GTLB. Raymond James Financial Inc. purchased a new stake in shares of GitLab in the fourth quarter worth approximately $3,392,000. HighTower Advisors LLC purchased a new stake in shares of GitLab in the fourth quarter worth approximately $289,000. Commonwealth Equity Services LLC purchased a new stake in shares of GitLab in the fourth quarter worth approximately $235,000. Envestnet Portfolio Solutions Inc. raised its stake in shares of GitLab by 11.2% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,324 shares of the company's stock worth $244,000 after purchasing an additional 436 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in shares of GitLab in the fourth quarter worth approximately $1,610,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 129,400 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was 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 trade represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $45.00, for a total value 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. The trade was a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 509,950 shares of company stock valued at $23,288,223 over the last three months. Insiders own 21.36% of the company's stock.

GitLab Stock Performance

NASDAQ GTLB traded down $1.97 on Tuesday, hitting $46.41. 1,081,701 shares of the stock traded hands, compared to its average volume of 3,396,025. The business's fifty day moving average is $45.34 and its two-hundred day moving average is $51.78. 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 $7.67 billion, a price-to-earnings ratio of 464.41 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The business had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the prior year, the company earned $0.03 earnings per share. GitLab's revenue was up 26.8% compared to the same quarter last year. Analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Needham & Company LLC lowered their price objective on GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Truist Financial reissued a "buy" rating and issued a $75.00 price objective (down from $80.00) on shares of GitLab in a research note on Wednesday, June 11th. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective on shares of GitLab in a research note on Wednesday, June 11th. Rosenblatt Securities assumed coverage on GitLab in a research report on Tuesday, July 15th. They set a "buy" rating and a $58.00 price target for the company. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $62.00 price target on shares of GitLab in a research report on Wednesday, June 25th. 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $62.63.

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.