Fortis Capital Advisors LLC Acquires New Stake in GitLab Inc. $GTLB

Key Points

• Fortis Capital Advisors LLC has acquired a new stake in GitLab Inc. (NASDAQ:GTLB), purchasing 8,695 shares valued at approximately $409,000 during the 1st quarter.
• Multiple institutional investors have significantly increased their holdings in GitLab, with GAMMA Investing LLC raising its stake by nearly 10,000% to 43,193 shares, valued at $2,030,000.
• Analysts have mixed views on GitLab, with price targets ranging from $52.00 to $70.00, while the stock currently holds a consensus rating of "Moderate Buy" and has a 1-year high of $74.18.

Fortis Capital Advisors LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 8,695 shares of the company's stock, valued at approximately $409,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of GitLab by 9,968.3% in the 1st 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 period. Park Avenue Securities LLC raised its holdings in shares of GitLab by 5.3% in the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after buying an additional 381 shares during the period. Wealthcare Advisory Partners LLC raised its holdings in shares of GitLab by 19.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after buying an additional 1,065 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of GitLab in the 1st quarter valued at $200,000. Finally, Cetera Investment Advisers raised its holdings in shares of GitLab by 43.4% in the 1st quarter. Cetera Investment Advisers now owns 55,636 shares of the company's stock valued at $2,615,000 after buying an additional 16,849 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

GTLB has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price objective on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, June 11th. FBN Securities raised GitLab to a "strong-buy" rating in a research note on Thursday, September 4th. Rosenblatt Securities reissued a "buy" rating and set a $58.00 target price on shares of GitLab in a research note on Thursday, September 4th. Canaccord Genuity Group lowered their target price on GitLab from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, September 4th. Finally, Needham & Company LLC reissued a "buy" rating and set a $55.00 target price on shares of GitLab in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $58.39.

GitLab Stock Performance

NASDAQ:GTLB opened at $49.01 on Thursday. The stock has a 50-day simple moving average of $44.98 and a 200-day simple moving average of $46.96. The stock has a market cap of $8.10 billion, a P/E ratio of -1,225.25 and a beta of 0.75. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The business's quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. On average, equities research analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director directly owned 103,889 shares of the company's stock, valued at approximately $4,675,005. This represents a 3.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 143,205 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $46.80, for a total value of $6,701,994.00. Following the completion of the sale, the director directly owned 498,098 shares of the company's stock, valued at approximately $23,310,986.40. This trade represents a 22.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 608,155 shares of company stock valued at $26,727,350. 16.37% of the stock is currently owned by corporate insiders.

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.

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