ARK Investment Management LLC Has $114.04 Million Stock Position 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 boosted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 109.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,426,332 shares of the company's stock after purchasing an additional 1,265,830 shares during the quarter. GitLab accounts for about 1.1% of ARK Investment Management LLC's investment portfolio, making the stock its 26th biggest holding. ARK Investment Management LLC owned about 1.49% of GitLab worth $114,038,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its holdings in shares of 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 buying an additional 334 shares during the period. Cloud Capital Management LLC acquired a new position in shares of GitLab in the first quarter valued at $29,000. CoreCap Advisors LLC raised its position 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 purchasing an additional 452 shares during the period. GAMMA Investing LLC raised its position in shares of GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after purchasing an additional 490 shares during the period. Finally, True Wealth Design LLC increased its position in 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 period. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GTLB. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 price target on shares of GitLab in a research report on Wednesday, June 11th. Wells Fargo & Company reduced their price target on shares of GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. KeyCorp dropped their price objective on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. UBS Group dropped their price objective on shares of GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Finally, Raymond James Financial lowered their price target on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Five investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.63.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer directly owned 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of the stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the sale, the director 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. Insiders sold a total of 509,950 shares of company stock worth $23,288,223 in the last three months. 21.36% of the stock is currently owned by insiders.

GitLab Price Performance

NASDAQ GTLB traded down $0.29 during mid-day trading on Wednesday, hitting $46.90. The stock had a trading volume of 1,647,509 shares, compared to its average volume of 3,402,773. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 469.42 and a beta of 0.74. The firm's 50 day moving average is $45.28 and its 200 day moving average is $51.75.

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

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.