Cetera Investment Advisers Grows Stake in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Cetera Investment Advisers increased its stake in GitLab by 43.4% during the 1st quarter, owning a total of 55,636 shares valued at approximately $2.6 million.
• Major hedge funds have also significantly boosted their positions in GitLab, with Cullen Frost Bankers increasing by 174.9% and other firms making substantial new investments.
• Analysts have adjusted their price targets for GitLab, with UBS Group lowering its target from $85 to $73, and the average price target now sitting at $62.63 with a consensus rating of "Moderate Buy."

Cetera Investment Advisers grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 43.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 55,636 shares of the company's stock after purchasing an additional 16,849 shares during the period. Cetera Investment Advisers' holdings in GitLab were worth $2,615,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC grew its stake in shares of GitLab by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after acquiring an additional 166 shares during the last quarter. Utah Retirement Systems boosted its stake in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock worth $372,000 after purchasing an additional 200 shares in the last quarter. Mariner LLC grew its position in GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company's stock valued at $709,000 after purchasing an additional 214 shares during the last quarter. True Wealth Design LLC grew its position in GitLab by 20.0% during the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after purchasing an additional 216 shares during the last quarter. Finally, Graham Capital Management L.P. increased its stake in GitLab by 0.8% during the 4th quarter. Graham Capital Management L.P. now owns 30,806 shares of the company's stock valued at $1,736,000 after purchasing an additional 242 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GTLB. Rosenblatt Securities initiated coverage on shares of GitLab in a research note on Tuesday, July 15th. They issued a "buy" rating and a $58.00 target price on the stock. Scotiabank decreased 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. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. Macquarie reissued an "outperform" rating and issued a $75.00 target price on shares of GitLab in a report on Wednesday, June 25th. Finally, DA Davidson decreased their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, GitLab has an average rating of "Moderate Buy" and a consensus target price of $62.63.

GitLab Stock Down 2.8%

GTLB traded down $1.18 during trading on Friday, hitting $40.42. The company's stock had a trading volume of 4,169,352 shares, compared to its average volume of 3,438,456. The business's 50 day simple moving average is $44.67 and its 200-day simple moving average is $50.76. The firm has a market cap of $6.68 billion, a PE ratio of 404.20 and a beta of 0.73. GitLab Inc. has a one year low of $37.90 and a one 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 EPS for the quarter, topping 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 company 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 EPS. GitLab's revenue for the quarter was up 26.8% compared to the same quarter last year. Equities research analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Jacobson sold 129,400 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the completion of the sale, the director directly owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 509,950 shares of company stock valued at $23,288,223 in the last 90 days. Corporate insiders own 16.37% of the company's stock.

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.