Federated Hermes Inc. Raises Stock Position in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Federated Hermes Inc. increased its stake in GitLab by 28.1% in the first quarter, owning 591,027 shares valued at approximately $27.8 million.
• Insider transactions revealed that Director Matthew Jacobson sold 129,400 shares for over $5.4 million, reducing his ownership by nearly 19%.
• Wall Street analysts have mixed forecasts for GitLab, with a consensus rating of "Moderate Buy" and a target price averaging $62.63.

Federated Hermes Inc. grew its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 28.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 591,027 shares of the company's stock after purchasing an additional 129,806 shares during the quarter. Federated Hermes Inc. owned about 0.36% of GitLab worth $27,778,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC bought a new stake in shares of GitLab in the fourth quarter valued at approximately $289,000. Commonwealth Equity Services LLC bought a new stake in shares of GitLab in the fourth quarter valued at approximately $235,000. American Century Companies Inc. boosted its stake in shares of GitLab by 314.9% in the fourth quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock valued at $2,183,000 after buying an additional 29,399 shares during the period. LPL Financial LLC boosted its stake in shares of GitLab by 67.8% in the fourth quarter. LPL Financial LLC now owns 36,549 shares of the company's stock valued at $2,060,000 after buying an additional 14,765 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of GitLab by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 743,492 shares of the company's stock valued at $41,896,000 after buying an additional 98,496 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

Insider Activity

In related news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 344,105 shares of the company's stock, valued at $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the firm'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 transaction of $146,250.00. Following the transaction, the director directly owned 107,139 shares of the company's stock, valued at $4,821,255. This represents a 2.94% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 509,950 shares of company stock valued at $23,288,223. 21.36% of the stock is currently owned by insiders.

GitLab Trading Up 5.6%

Shares of GTLB traded up $2.33 during mid-day trading on Monday, reaching $44.15. 3,675,187 shares of the stock traded hands, compared to its average volume of 3,427,114. The firm has a fifty day moving average price of $45.06 and a 200 day moving average price of $51.31. The company has a market cap of $7.29 billion, a price-to-earnings ratio of 441.50 and a beta of 0.73. 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 announced its earnings results 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. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the previous year, the business earned $0.03 earnings per share. The firm's quarterly revenue was up 26.8% compared to the same quarter last year. On average, sell-side analysts anticipate that GitLab Inc. will post -0.31 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on GTLB. Capital One Financial cut GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price for the company. in a research note on Wednesday, July 16th. Raymond James Financial dropped their price target on GitLab from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, June 11th. Cowen reiterated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Barclays dropped their price target on GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research note on Wednesday, June 11th. Finally, BTIG Research dropped their price target on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Five analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GitLab currently has an average rating of "Moderate Buy" and an average price target of $62.63.

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.