Cerity Partners LLC Grows Stake in GitLab Inc. (NASDAQ:GTLB)

Cerity Partners LLC lifted its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 32.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 72,973 shares of the company's stock after purchasing an additional 17,973 shares during the quarter. Cerity Partners LLC's holdings in GitLab were worth $3,430,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Alps Advisors Inc. boosted its position in shares of GitLab by 7.0% in the 1st quarter. Alps Advisors Inc. now owns 33,808 shares of the company's stock worth $1,589,000 after buying an additional 2,212 shares in the last quarter. Banque Pictet & Cie SA acquired a new stake in shares of GitLab during the 1st quarter worth about $314,000. Envestnet Asset Management Inc. boosted its stake in shares of GitLab by 3.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 307,749 shares of the company's stock worth $14,464,000 after purchasing an additional 11,657 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of GitLab during the 1st quarter worth about $29,000. Finally, Krane Funds Advisors LLC acquired a new stake in shares of GitLab during the 1st quarter worth about $280,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the firm's 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 sale, the chief financial officer owned 344,105 shares of the company's stock, valued at $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction that occurred on Tuesday, July 15th. The shares were 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. Over the last quarter, insiders have sold 509,950 shares of company stock worth $23,288,223. 16.37% of the stock is currently owned by corporate insiders.

GitLab Trading Up 3.3%

Shares of GTLB stock traded up $1.45 during midday trading on Friday, reaching $45.37. 3,304,120 shares of the stock were exchanged, compared to its average volume of 2,865,663. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The company's 50 day moving average is $45.94 and its two-hundred day moving average is $52.39. The firm has a market cap of $7.50 billion, a PE ratio of 453.70 and a beta of 0.74.

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

Analysts Set New Price Targets

Several research analysts recently commented on GTLB shares. BTIG Research cut their price target on shares of GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Royal Bank Of Canada reissued an "outperform" rating and set a $62.00 price target on shares of GitLab in a research report on Wednesday, June 25th. Mizuho decreased their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Scotiabank reduced their price target on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a report on Friday, June 6th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price target on shares of GitLab in a research report on Tuesday, June 24th. Five investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average price target 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.