17,659 Shares in GitLab Inc. (NASDAQ:GTLB) Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd made a new investment of approximately $830,000 in GitLab Inc. by acquiring 17,659 shares in the first quarter of the year.
• Major investors like Ameriprise Financial Inc. and Alliancebernstein L.P. significantly increased their holdings in GitLab, showcasing strong institutional interest with hedge funds owning 95.04% of the stock.
• Analysts have mixed ratings for GitLab, with a consensus target price of $62.63, as recent price objectives have been lowered by several firms due to varying performance expectations.

Bayforest Capital Ltd bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 17,659 shares of the company's stock, valued at approximately $830,000.

Other large investors have also made changes to their positions in the company. HighTower Advisors LLC bought a new stake in GitLab during the fourth quarter worth approximately $289,000. Commonwealth Equity Services LLC bought a new position in shares of GitLab during the fourth quarter valued at $235,000. American Century Companies Inc. lifted its holdings in shares of GitLab by 314.9% during the fourth quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock valued at $2,183,000 after acquiring an additional 29,399 shares during the period. LPL Financial LLC increased its stake in shares of GitLab by 67.8% in the fourth quarter. LPL Financial LLC now owns 36,549 shares of the company's stock valued at $2,060,000 after buying an additional 14,765 shares in the last quarter. Finally, Blair William & Co. IL increased its position in GitLab by 5.8% in the fourth quarter. Blair William & Co. IL now owns 54,774 shares of the company's stock worth $3,087,000 after purchasing an additional 2,980 shares during the period. Institutional investors own 95.04% of the company's stock.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer owned 344,105 shares in the company, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 551,997 shares in the company, valued at $23,360,513.04. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 509,950 shares of company stock worth $23,288,223 over the last quarter. Insiders own 16.37% of the company's stock.

GitLab Price Performance

NASDAQ:GTLB traded down $1.99 during mid-day trading on Friday, reaching $41.82. 4,100,831 shares of the company's stock traded hands, compared to its average volume of 3,501,958. 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 $6.91 billion, a price-to-earnings ratio of 418.20 and a beta of 0.74. The company has a 50 day moving average price of $45.17 and a 200-day moving average price of $51.61.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating 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 company had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the previous year, the business earned $0.03 EPS. GitLab's revenue was up 26.8% compared to the same quarter last year. As a group, analysts forecast that GitLab Inc. will post -0.31 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GTLB. Cowen restated a "buy" rating on shares of GitLab in a research report on Friday, June 6th. Capital One Financial downgraded GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price for the company. in a research report on Wednesday, July 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $62.00 target price on shares of GitLab in a research report on Wednesday, June 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. Finally, Mizuho dropped their target price on GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Five analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, GitLab has an average rating of "Moderate Buy" and an average 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.