Alliancebernstein L.P. Has $71.94 Million Stock Position in GitLab Inc. $GTLB

Key Points

• Alliancebernstein L.P. increased its stake in GitLab Inc. by 5.2% during the first quarter, acquiring a total of 1,530,688 shares worth approximately $71.9 million.
• Several large investors, including 1832 Asset Management L.P. and ARK Investment Management LLC, significantly boosted their holdings in GitLab, reflecting strong institutional interest in the stock.
• GitLab reported a 26.8% increase in quarterly revenue year-over-year, with earnings exceeding analyst expectations at $0.17 per share.

Alliancebernstein L.P. increased its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 5.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,530,688 shares of the company's stock after acquiring an additional 75,303 shares during the period. Alliancebernstein L.P. owned about 0.94% of GitLab worth $71,942,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of GTLB. GAMMA Investing LLC increased its position in shares of GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after purchasing an additional 42,764 shares during the last quarter. Park Avenue Securities LLC grew its stake in shares of GitLab by 5.3% in the first 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 in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock worth $309,000 after buying an additional 1,065 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in GitLab during the first quarter worth $200,000. Finally, Cetera Investment Advisers raised its position in GitLab by 43.4% during the first quarter. Cetera Investment Advisers now owns 55,636 shares of the company's stock worth $2,615,000 after acquiring an additional 16,849 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of GitLab from $76.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Barclays reduced their price target on GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, September 5th. DA Davidson lowered their price target on GitLab from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Thursday, September 4th. Truist Financial cut their price objective on GitLab from $75.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, September 4th. Finally, KeyCorp reduced their target price on GitLab from $60.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $58.39.

Insider Buying and Selling

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director owned 103,889 shares in the company, valued at $4,675,005. This represents a 3.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Jacobson sold 143,205 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $46.80, for a total transaction of $6,701,994.00. Following the transaction, the director directly owned 498,098 shares in the company, valued at $23,310,986.40. This represents a 22.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 608,155 shares of company stock valued at $26,727,350. 16.37% of the stock is owned by company insiders.

GitLab Price Performance

GTLB traded up $0.84 during trading on Wednesday, hitting $49.01. The stock had a trading volume of 6,387,446 shares, compared to its average volume of 5,974,217. The company has a 50 day moving average price of $44.98 and a 200-day moving average price of $46.96. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The firm has a market cap of $8.10 billion, a price-to-earnings ratio of -1,225.25 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The company's revenue was up 26.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 earnings per share. As a group, sell-side analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal 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.