Caxton Associates LLP Takes Position in 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 bought a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 79,250 shares of the company's stock, valued at approximately $3,725,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GTLB. True Wealth Design LLC lifted its position in GitLab by 20.0% during the 4th 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. Graham Capital Management L.P. lifted its position in GitLab by 0.8% during the 4th quarter. Graham Capital Management L.P. now owns 30,806 shares of the company's stock worth $1,736,000 after acquiring an additional 242 shares during the period. MetLife Investment Management LLC lifted its position in GitLab by 3.2% during the 1st quarter. MetLife Investment Management LLC now owns 7,762 shares of the company's stock worth $365,000 after acquiring an additional 242 shares during the period. Cullen Frost Bankers Inc. lifted its position in GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in GitLab by 0.6% during the 4th quarter. BNP Paribas Financial Markets now owns 63,232 shares of the company's stock worth $3,563,000 after acquiring an additional 355 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 143,205 shares of the firm's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $46.80, for a total transaction of $6,701,994.00. Following the completion of the transaction, the director directly owned 498,098 shares in the company, valued at $23,310,986.40. This trade represents a 22.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $41.44, for a total value of $4,500,384.00. 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. Company insiders own 16.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GTLB shares. Barclays decreased their price objective on GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, September 5th. Morgan Stanley boosted their price objective on GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Capital One Financial cut 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. Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 price objective on shares of GitLab in a report on Thursday, September 4th. Finally, Guggenheim began coverage on GitLab in a report on Thursday. They issued a "buy" rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and an average target price of $58.88.

GitLab Trading Up 1.3%

GitLab stock traded up $0.65 during mid-day trading on Friday, hitting $50.39. The company's stock had a trading volume of 3,185,768 shares, compared to its average volume of 3,806,969. The firm has a market capitalization of $8.32 billion, a PE ratio of -1,260.18 and a beta of 0.75. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The stock's fifty day moving average is $45.04 and its two-hundred day moving average is $46.88.

GitLab (NASDAQ:GTLB - Get Free Report) last issued 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. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The firm's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. On average, equities analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

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.