Envestnet Asset Management Inc. Has $14.46 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Envestnet Asset Management Inc. increased its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 307,749 shares of the company's stock after purchasing an additional 11,657 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of GitLab worth $14,464,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in GitLab during the 4th quarter worth about $279,089,000. Ameriprise Financial Inc. grew its position in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after buying an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. lifted its position in GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock valued at $61,654,000 after acquiring an additional 931,396 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief financial officer directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the sale, the director directly owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock valued at $23,288,223 over the last quarter. Corporate insiders own 16.37% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on GTLB. Scotiabank decreased their target price on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. Mizuho cut their price target 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. Royal Bank Of Canada reiterated an "outperform" rating and issued a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. UBS Group reduced their price objective on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Finally, KeyCorp lowered their target price on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Five research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average target price of $62.63.

GitLab Trading Up 3.3%

NASDAQ:GTLB traded up $1.45 during trading hours on Friday, hitting $45.37. 3,304,120 shares of the company traded hands, compared to its average volume of 2,865,663. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a 50-day moving average of $45.94 and a 200 day moving average of $52.39. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of 453.70 and a beta of 0.74.

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

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.