Diversified Trust Co Takes $346,000 Position in GitLab Inc. (NASDAQ:GTLB)

Diversified Trust Co purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 7,358 shares of the company's stock, valued at approximately $346,000.

Other institutional investors have also modified their holdings of the company. M&T Bank Corp raised its holdings in GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock valued at $280,000 after acquiring an additional 148 shares in the last quarter. OneDigital Investment Advisors LLC increased its position in shares of GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after purchasing an additional 166 shares during the last quarter. Utah Retirement Systems raised its holdings in shares of GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after purchasing an additional 200 shares in the last quarter. Mariner LLC lifted 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 purchasing an additional 214 shares during the last quarter. Finally, True Wealth Design LLC grew its stake in shares of GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock worth $73,000 after purchasing an additional 216 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Stock Down 0.8%

NASDAQ:GTLB traded down $0.37 during midday trading on Wednesday, reaching $45.14. The stock had a trading volume of 2,878,283 shares, compared to its average volume of 2,817,741. The stock has a market cap of $7.46 billion, a P/E ratio of 451.40 and a beta of 0.74. The firm has a fifty day simple moving average of $46.45 and a two-hundred day simple moving average of $53.62. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results 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. The business had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business's quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. On average, sell-side analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the transaction, the chief financial officer owned 344,105 shares in the company, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 509,950 shares of company stock worth $23,238,267. Company insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of analyst reports. Cowen restated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Wells Fargo & Company decreased their target price on GitLab from $65.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Raymond James Financial dropped their price target on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. JPMorgan Chase & Co. reduced their price objective on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $50.00 target price on shares of GitLab in a report on Tuesday, June 24th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

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.