ARK Investment Management LLC Has $114.04 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Key Points

• ARK Investment Management LLC increased its holdings in GitLab Inc. by 109.1% during the 1st quarter, acquiring a total of 2,426,332 shares worth approximately $114 million.
• GitLab's quarterly earnings exceeded expectations with an EPS of $0.17, up from $0.03 in the previous year, and revenue rose by 26.8% year-over-year.
• Analysts maintain a positive outlook on GitLab with a consensus rating of "Moderate Buy" and an average target price of $62.63.

ARK Investment Management LLC raised its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 109.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,426,332 shares of the company's stock after acquiring an additional 1,265,830 shares during the quarter. GitLab makes up about 1.1% of ARK Investment Management LLC's portfolio, making the stock its 26th largest holding. ARK Investment Management LLC owned about 1.49% of GitLab worth $114,038,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of GTLB. Cullen Frost Bankers Inc. increased its holdings in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after purchasing an additional 334 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of GitLab in the first quarter valued at about $29,000. CoreCap Advisors LLC increased its stake in shares of GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after buying an additional 452 shares during the period. GAMMA Investing LLC raised its position in shares of GitLab by 114.2% during the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after acquiring an additional 490 shares during the last quarter. Finally, True Wealth Design LLC raised its position in shares of GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock worth $73,000 after acquiring an additional 216 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

GitLab Price Performance

NASDAQ:GTLB opened at $47.89 on Friday. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company has a market cap of $7.91 billion, a PE ratio of 478.90 and a beta of 0.74. The firm has a 50-day moving average of $45.35 and a 200-day moving average of $51.99.

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 analysts' consensus estimates of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The company's revenue for the quarter was up 26.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 EPS. On average, equities research analysts expect that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Macquarie reiterated an "outperform" rating and issued a $75.00 target price on shares of GitLab in a report on Wednesday, June 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $50.00 price objective on shares of GitLab in a research note on Tuesday, June 24th. Truist Financial reiterated a "buy" rating and set a $75.00 price objective (down from $80.00) on shares of GitLab in a research report on Wednesday, June 11th. Canaccord Genuity Group dropped their target price on shares of GitLab from $78.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Finally, BTIG Research cut their price target on shares of GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Five 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.63.

Insider Buying and Selling

In other GitLab 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 transaction of $5,476,208.00. Following the transaction, the director directly owned 551,997 shares in the company, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction 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 transaction, the director directly owned 107,139 shares in the company, valued at $4,821,255. This represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 509,950 shares of company stock worth $23,288,223. 16.37% of the stock is owned by corporate insiders.

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.

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