Merit Financial Group LLC Increases Position in GitLab Inc. (NASDAQ:GTLB)

Merit Financial Group LLC lifted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 72.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,420 shares of the company's stock after purchasing an additional 5,220 shares during the period. Merit Financial Group LLC's holdings in GitLab were worth $584,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GTLB. M&T Bank Corp boosted its stake in shares of GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock worth $280,000 after buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its position in GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock worth $116,000 after acquiring an additional 150 shares during the period. OneDigital Investment Advisors LLC grew its stake in shares of GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after purchasing an additional 166 shares during the last quarter. Utah Retirement Systems grew its stake in shares of GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after purchasing an additional 200 shares during the last quarter. Finally, Mariner LLC increased its holdings in shares of GitLab by 1.7% in the fourth 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 period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BTIG Research decreased their price target on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a report on Wednesday. Canaccord Genuity Group cut their price objective on shares of GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday. Macquarie lowered their target price on shares of GitLab from $90.00 to $75.00 and set an "outperform" rating on the stock in a report on Wednesday. Morgan Stanley boosted their price target on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Mizuho reduced their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $63.59.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $53.03, for a total value of $5,759,058.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total transaction of $167,635.00. Following the sale, the director now owns 108,733 shares in the company, valued at $5,608,448.14. This represents a 2.90% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by corporate insiders.

GitLab Stock Up 2.2%

Shares of GitLab stock traded up $0.95 during trading on Thursday, hitting $44.32. 5,812,074 shares of the company were exchanged, compared to its average volume of 2,721,300. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a 50 day moving average price of $46.42 and a 200 day moving average price of $55.73. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of -138.50 and a beta of 0.75.

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