Alphabet Inc. Trims Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Alphabet Inc. reduced its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 55.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,724,712 shares of the company's stock after selling 3,366,526 shares during the quarter. GitLab comprises 8.1% of Alphabet Inc.'s portfolio, making the stock its 6th biggest holding. Alphabet Inc. owned approximately 1.68% of GitLab worth $128,061,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC lifted its stake in shares of GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock valued at $74,000 after buying an additional 1,282 shares during the period. Atria Investments Inc bought a new stake in shares of GitLab in the fourth quarter valued at about $361,000. Proficio Capital Partners LLC bought a new stake in shares of GitLab in the fourth quarter valued at about $2,324,000. Raymond James Financial Inc. bought a new stake in shares of GitLab in the fourth quarter valued at about $3,392,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company's stock valued at $128,000 after buying an additional 328 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Trading Up 1.0%

Shares of GitLab stock traded up $0.43 during midday trading on Tuesday, reaching $43.00. The company had a trading volume of 2,671,059 shares, compared to its average volume of 2,869,170. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 432.05 and a beta of 0.74. The stock has a fifty day simple moving average of $46.29 and a 200 day simple moving average of $52.72. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.

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

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.44, for a total transaction of $4,500,384.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the sale, the director directly owned 551,997 shares of the company's stock, valued at $23,360,513.04. This represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 401,350 shares of company stock worth $18,582,585 over the last quarter. 16.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GTLB shares. Barclays reduced their target price on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research note on Wednesday, June 11th. DA Davidson cut their price target on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. UBS Group cut their price target on shares of GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. KeyCorp cut their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price target on shares of GitLab in a research note on Tuesday, June 24th. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $63.35.

About GitLab

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.