Bayforest Capital Ltd Purchases New Position in GitLab Inc. $GTLB

Key Points

• Bayforest Capital Ltd has initiated a new position in GitLab Inc., acquiring 17,659 shares valued at approximately $830,000 in the first quarter.
• Despite recent insider selling, GitLab's stock has seen a 4.7% increase, and the company reported a revenue of $214.51 million for the quarter, showing a year-over-year growth of 26.8%.
• Analysts have mixed ratings, with target prices ranging from $46.00 to $75.00, and the consensus suggests a "Moderate Buy" rating for GitLab's stock.

Bayforest Capital Ltd bought a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 17,659 shares of the company's stock, valued at approximately $830,000.

A number of other large investors have also modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares in the last quarter. CoreCap Advisors LLC boosted its holdings in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares during the last quarter. Twin Tree Management LP bought a new position in GitLab during the first quarter worth about $29,000. Cloud Capital Management LLC acquired a new stake in shares of GitLab during the first quarter worth about $29,000. Finally, Harbour Investments Inc. raised its position in shares of GitLab by 447.6% during the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Up 4.7%

GTLB stock opened at $47.89 on Tuesday. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The stock's 50 day moving average is $44.84 and its 200-day moving average is $46.94. The firm has a market capitalization of $7.91 billion, a PE ratio of -1,197.25 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last released its 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 2.71% and a negative net margin of 0.55%.The business had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the business posted $0.03 earnings per share. The business's revenue for the quarter was up 26.8% on a year-over-year basis. On average, equities research analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director owned 103,889 shares of the company's stock, valued at approximately $4,675,005. The trade was a 3.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Jacobson sold 129,400 shares of the business's stock in a transaction dated 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 directly owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 464,950 shares of company stock valued at $20,025,356 over the last 90 days. Insiders own 21.36% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GTLB. Mizuho dropped their target price on GitLab from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Friday. Needham & Company LLC reiterated a "buy" rating and set a $55.00 target price on shares of GitLab in a research note on Thursday, September 4th. Capital One Financial downgraded GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price target for the company. in a research note on Wednesday, July 16th. Rosenblatt Securities reiterated a "buy" rating and set a $58.00 target price on shares of GitLab in a research report on Thursday, September 4th. Finally, Macquarie reiterated an "outperform" rating and set a $75.00 target price on shares of GitLab in a research report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company 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.

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