Fiera Capital Corp Lowers Holdings in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Fiera Capital Corp reduced its holdings in GitLab Inc. by 3.5%, owning approximately 1,187,597 shares valued at $55.82 million as per their latest SEC filing.
• A significant increase in institutional interest is noted, with various hedge funds such as Ameriprise Financial and Alliancebernstein dramatically increasing their stakes in GitLab during the last quarter.
• GitLab reported a $0.17 EPS for the recent quarter, exceeding analysts' expectations and showing a revenue growth of 26.8% year-over-year.

Fiera Capital Corp reduced its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,187,597 shares of the company's stock after selling 42,656 shares during the quarter. Fiera Capital Corp owned 0.73% of GitLab worth $55,817,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTLB. HighTower Advisors LLC purchased a new position in shares of GitLab in the 4th quarter worth about $289,000. Commonwealth Equity Services LLC purchased a new stake in GitLab during the 4th quarter valued at about $235,000. American Century Companies Inc. boosted its holdings in GitLab by 314.9% during the 4th quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock valued at $2,183,000 after acquiring an additional 29,399 shares during the period. LPL Financial LLC boosted its holdings in GitLab by 67.8% during the 4th quarter. LPL Financial LLC now owns 36,549 shares of the company's stock valued at $2,060,000 after acquiring an additional 14,765 shares during the period. Finally, Blair William & Co. IL lifted its holdings in GitLab by 5.8% in the 4th quarter. Blair William & Co. IL now owns 54,774 shares of the company's stock worth $3,087,000 after buying an additional 2,980 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $43.33, for a total transaction of $4,705,638.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director owned 107,139 shares of the company's stock, valued at $4,821,255. This trade represents a 2.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 509,950 shares of company stock valued at $23,288,223. 16.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

GTLB has been the subject of several research analyst reports. KeyCorp dropped their price objective on GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. JPMorgan Chase & Co. dropped their price objective on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a report on Wednesday, June 11th. Morgan Stanley increased their price objective on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating 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 report on Wednesday, June 25th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $85.00 price objective on shares of GitLab in a report on Wednesday, June 11th. Five research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and an average price target of $62.63.

GitLab Stock Down 5.1%

NASDAQ:GTLB traded down $2.25 on Friday, reaching $41.57. 2,965,428 shares of the company's stock traded hands, compared to its average volume of 3,416,932. The stock has a 50-day simple moving average of $45.17 and a 200-day simple moving average of $51.61. The firm has a market cap of $6.87 billion, a PE ratio of 416.44 and a beta of 0.74. 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 posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $213.21 million. During the same period last year, the firm earned $0.03 earnings per share. The business's quarterly revenue was up 26.8% on a year-over-year basis. On average, equities analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

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.