GitLab Inc. (NASDAQ:GTLB) Shares Bought by Cerity Partners LLC

Cerity Partners LLC boosted its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 32.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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.

A number of other hedge funds have also added to or reduced their stakes in GTLB. GAMMA Investing LLC boosted its position in shares of GitLab by 9,968.3% during the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after buying an additional 42,764 shares during the last quarter. Swiss National Bank grew its position in GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company's stock worth $12,115,000 after buying an additional 7,700 shares in the last quarter. Park Avenue Securities LLC grew its position in GitLab by 5.3% during the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock worth $357,000 after buying an additional 381 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock worth $309,000 after buying an additional 1,065 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in GitLab during the first quarter worth about $200,000. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Up 2.5%

NASDAQ GTLB traded up $1.11 during trading hours on Tuesday, hitting $46.03. 3,635,682 shares of the stock were exchanged, compared to its average volume of 2,875,562. The stock has a 50-day moving average of $45.94 and a 200 day moving average of $52.36. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 460.30 and a beta of 0.74.

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

Analyst Ratings Changes

GTLB has been the subject of several analyst reports. Truist Financial restated a "buy" rating and set a $75.00 target price (down from $80.00) on shares of GitLab in a report on Wednesday, June 11th. UBS Group dropped their target price on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Piper Sandler restated an "overweight" rating and set a $85.00 target price on shares of GitLab in a report on Wednesday, June 11th. DA Davidson lowered their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Rosenblatt Securities assumed coverage on GitLab in a research note on Tuesday, July 15th. They set a "buy" rating and a $58.00 target price on the stock. Five research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $62.63.

Insider Activity

In other 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 transaction of $2,386,800.00. Following the transaction, the chief financial officer owned 344,105 shares of the company's stock, valued at approximately $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 SEC, which is accessible through 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. In the last quarter, insiders sold 513,200 shares of company stock valued at $23,434,473. Corporate insiders own 21.36% of the company's stock.

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.