AQR Capital Management LLC Cuts Stake in GitLab Inc. $GTLB

Key Points

• AQR Capital Management LLC reduced its stake in GitLab Inc. by 19.4%, selling 348,314 shares to hold approximately 1.45 million shares valued at $65.8 million.
• Institutional ownership of GitLab currently stands at 95.04%, with several investors including Amundi and Magnetar Financial increasing their positions during the first quarter.
• Analysts maintain a consensus rating of "Moderate Buy" for GitLab, with a target price range between $55.00 and $60.00, despite varying opinions on the company's near-term potential.

AQR Capital Management LLC trimmed its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 19.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,446,505 shares of the company's stock after selling 348,314 shares during the period. AQR Capital Management LLC owned about 0.89% of GitLab worth $65,816,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after purchasing an additional 42,764 shares during the period. Park Avenue Securities LLC raised its stake in GitLab by 5.3% in the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after acquiring an additional 381 shares during the period. Wealthcare Advisory Partners LLC raised its stake in GitLab by 19.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after acquiring an additional 1,065 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in GitLab in the 1st quarter valued at about $200,000. Finally, Cetera Investment Advisers raised its stake in GitLab by 43.4% in the 1st quarter. Cetera Investment Advisers now owns 55,636 shares of the company's stock valued at $2,615,000 after acquiring an additional 16,849 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Insider Transactions at GitLab

In other news, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.44, for a total transaction of $4,500,384.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 551,997 shares of the company's stock, valued at $23,360,513.04. The trade was a 18.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 464,950 shares of company stock valued at $20,025,356. 21.36% of the stock is owned by corporate insiders.

GitLab Trading Down 1.8%

Shares of NASDAQ GTLB traded down $0.86 during midday trading on Wednesday, hitting $47.31. 1,427,857 shares of the company's stock were exchanged, compared to its average volume of 3,749,114. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a market cap of $7.82 billion, a price-to-earnings ratio of -1,184.53 and a beta of 0.75. The business's fifty day moving average price is $44.90 and its two-hundred day moving average price is $46.95.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same quarter in the previous year, the firm earned $0.03 earnings per share. GitLab's revenue was up 26.8% on a year-over-year basis. Equities analysts expect that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

GTLB has been the topic of a number of research reports. Mizuho lowered their price objective on GitLab from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Friday, September 5th. Scotiabank lowered their price objective on GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a research note on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of GitLab in a report on Friday, June 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 target price on shares of GitLab in a report on Thursday, September 4th. Finally, Capital One Financial lowered GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price for the company. in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and a consensus target price of $58.39.

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.