Caxton Associates LLP Acquires Shares of 79,250 GitLab Inc. $GTLB

Key Points

• Caxton Associates LLP has made a new investment in GitLab Inc., purchasing 79,250 shares valued at approximately $3.73 million.
• Major hedge funds such as Vanguard Group and ARK Investment Management have increased their stakes in GitLab, indicating strong institutional interest in the company.
• GitLab's stock price recently opened at $45.73, with a market capitalization of $7.55 billion, and reported a 26.8% increase in revenue compared to the previous year.

Caxton Associates LLP purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 79,250 shares of the company's stock, valued at approximately $3,725,000.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of GitLab by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock valued at $631,936,000 after purchasing an additional 302,864 shares in the last quarter. Eminence Capital LP boosted its stake in shares of GitLab by 13.6% in the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock valued at $117,415,000 after purchasing an additional 299,191 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of GitLab by 15.4% in the 1st quarter. Ameriprise Financial Inc. now owns 2,487,608 shares of the company's stock valued at $116,919,000 after purchasing an additional 332,592 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of GitLab by 109.1% in the 1st quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock valued at $114,038,000 after purchasing an additional 1,265,830 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in shares of GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after purchasing an additional 2,205,238 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Up 1.7%

GTLB traded up $0.84 during trading on Wednesday, reaching $49.01. 6,387,446 shares of the stock traded hands, compared to its average volume of 3,779,039. The stock's 50-day moving average is $44.98 and its 200 day moving average is $46.96. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The stock has a market capitalization of $8.10 billion, a PE ratio of -1,225.25 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period last year, the company posted $0.03 EPS. The business's quarterly revenue was up 26.8% on a year-over-year basis. As a group, equities research analysts anticipate that GitLab Inc. will post -0.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GTLB shares. Piper Sandler dropped their price objective on shares of GitLab from $85.00 to $70.00 and set an "overweight" rating for the company in a report on Thursday, September 4th. Capital One Financial lowered shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price objective for the company. in a report on Wednesday, July 16th. UBS Group dropped their price objective on shares of GitLab from $73.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, September 4th. BTIG Research dropped their price objective on shares of GitLab from $67.00 to $57.00 and set a "buy" rating for the company in a report on Thursday, September 4th. Finally, Morgan Stanley raised their price objective on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. One investment 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.39.

Insiders Place Their Bets

In other news, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.16, for a total transaction of $4,904,376.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Monday, August 18th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director owned 103,889 shares of the company's stock, valued at $4,675,005. This represents a 3.03% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 608,155 shares of company stock worth $26,727,350. 21.36% of the stock is owned by corporate insiders.

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.