Avanza Fonder AB Increases Stake in GitLab Inc. (NASDAQ:GTLB)

Avanza Fonder AB boosted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 186.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,121 shares of the company's stock after purchasing an additional 9,183 shares during the period. Avanza Fonder AB's holdings in GitLab were worth $682,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after purchasing an additional 885,955 shares during the period. Norges Bank acquired a new stake in shares of GitLab during the fourth quarter valued at about $279,089,000. Artisan Partners Limited Partnership increased its position in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. increased its position in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after acquiring an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GTLB. Needham & Company LLC dropped their price target on shares of GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. dropped their price target on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday. Barclays dropped their price target on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research report on Wednesday. KeyCorp dropped their price objective on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Scotiabank dropped their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a report on Friday, June 6th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Stock Down 5.7%

GitLab stock traded down $2.48 during trading on Friday, reaching $41.23. The stock had a trading volume of 7,015,686 shares, compared to its average volume of 2,749,055. The stock has a market cap of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The business has a 50 day moving average price of $46.45 and a 200 day moving average price of $55.34.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The business had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The company's revenue was up 26.8% compared to the same quarter last year. On average, equities analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director now owns 111,983 shares in the company, valued at $5,039,235. This represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction on Tuesday, April 15th. The shares were 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. Insiders sold a total of 461,584 shares of company stock worth $23,192,574 in the last 90 days. 16.37% of the stock is owned by insiders.

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.