Bryce Point Capital LLC Has $900,000 Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Bryce Point Capital LLC increased its stock holdings in GitLab Inc. by 128.1% in Q1, now owning 19,152 shares valued at approximately $900,000.
• Multiple hedge funds, including GAMMA Investing LLC with a 9,968.3% increase in position, are actively investing in GitLab, indicating strong institutional interest, with 95.04% of the company's stock owned by institutional investors.
• GitLab's stock has a current price of $47.89 with a consensus price target of $62.63, reflecting an overall positive outlook from analysts despite recent price reductions from several firms.

Bryce Point Capital LLC lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 128.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,152 shares of the company's stock after acquiring an additional 10,754 shares during the quarter. Bryce Point Capital LLC's holdings in GitLab were worth $900,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also 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 buying an additional 334 shares during the last quarter. CoreCap Advisors LLC increased its holdings in 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 last quarter. Cloud Capital Management LLC bought a new stake in GitLab in the first quarter valued at about $29,000. GAMMA Investing LLC increased its holdings in 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 buying an additional 490 shares during the last quarter. Finally, True Wealth Design LLC increased its holdings in GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after buying an additional 216 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the transaction, the chief financial officer owned 344,105 shares of the company's stock, valued at $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $43.33, for a total transaction of $4,705,638.00. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock worth $23,288,223 over the last ninety days. Corporate insiders own 16.37% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on GTLB. The Goldman Sachs Group restated a "neutral" rating and issued a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. UBS Group decreased their target price on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. DA Davidson decreased their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. BTIG Research decreased their target price on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Finally, 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 note on Wednesday, July 16th. Five investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $62.63.

GitLab Stock Down 4.1%

GTLB stock traded down $1.89 during mid-day trading on Thursday, reaching $44.28. 2,878,273 shares of the stock traded hands, compared to its average volume of 3,410,819. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The business has a 50-day moving average of $45.25 and a two-hundred day moving average of $51.71. The firm has a market capitalization of $7.32 billion, a PE ratio of 444.37 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The firm's revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. On average, equities research analysts anticipate that GitLab Inc. will post -0.31 EPS for the current fiscal 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.