Charles Schwab Investment Management Inc. Acquires 19,834 Shares of GitLab Inc. $GTLB

Key Points

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Charles Schwab Investment Management Inc. lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 811,928 shares of the company's stock after purchasing an additional 19,834 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.50% of GitLab worth $38,161,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. OneDigital Investment Advisors LLC boosted its position in shares of GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after acquiring an additional 166 shares in the last quarter. Utah Retirement Systems boosted its position in shares of GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock worth $372,000 after acquiring an additional 200 shares in the last quarter. Mariner LLC boosted its position in shares of GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company's stock worth $709,000 after acquiring an additional 214 shares in the last quarter. True Wealth Design LLC boosted its position in shares of 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 in the last quarter. Finally, Graham Capital Management L.P. boosted its position in shares of 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 in the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the sale, the director owned 107,139 shares in the company, valued at $4,821,255. This represents a 2.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the company's 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 have sold 353,100 shares of company stock worth $14,974,730 in the last quarter. Insiders own 21.36% of the company's stock.

GitLab Trading Up 2.4%

Shares of NASDAQ GTLB opened at $45.35 on Tuesday. The firm's 50-day moving average price is $43.96 and its 200-day moving average price is $49.43. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The firm has a market capitalization of $7.49 billion, a P/E ratio of 453.50 and a beta of 0.73.

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

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Canaccord Genuity Group reduced their price target on shares of GitLab from $78.00 to $76.00 and set a "buy" rating on the stock in a research report on Thursday, June 12th. Mizuho cut their target price on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Rosenblatt Securities initiated coverage on shares of GitLab in a research report on Tuesday, July 15th. They issued a "buy" rating and a $58.00 target price on the stock. Cantor Fitzgerald cut their target price on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Finally, Cowen restated a "buy" rating on shares of GitLab in a research report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, GitLab currently has a consensus rating of "Moderate Buy" and an average target price of $62.63.

About GitLab

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.

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