iA Global Asset Management Inc. Has $4.29 Million Holdings in GitLab Inc. (NASDAQ:GTLB)

Key Points

• iA Global Asset Management Inc. reduced its holdings in GitLab Inc. by 30.8%, owning 91,240 shares valued at approximately $4.29 million after selling 40,520 shares in the first quarter.
• Numerous institutional investors have recently adjusted their positions in GitLab, with GAMMA Investing LLC increasing its stake by an astounding 9,968.3% during the same period.
• GitLab posted earnings of $0.17 per share for its latest quarter, surpassing expectations and marking a 26.8% revenue increase compared to the previous year.

iA Global Asset Management Inc. cut its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 30.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,240 shares of the company's stock after selling 40,520 shares during the period. iA Global Asset Management Inc. owned about 0.06% of GitLab worth $4,288,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in GitLab by 9,968.3% during the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after purchasing an additional 42,764 shares in the last quarter. Park Avenue Securities LLC grew its position in GitLab by 5.3% during the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after purchasing an additional 381 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after purchasing an additional 1,065 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in GitLab during the first quarter valued at approximately $200,000. Finally, American Century Companies Inc. grew its position in GitLab by 314.9% during the fourth quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock valued at $2,183,000 after purchasing an additional 29,399 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Stock Performance

NASDAQ:GTLB opened at $44.00 on Wednesday. The firm's 50-day moving average is $44.91 and its 200-day moving average is $51.13. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 440.00 and a beta of 0.73.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The business's revenue was up 26.8% compared to the same quarter last year. Equities analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the transaction, the chief financial officer owned 344,105 shares in the company, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director owned 107,139 shares in the company, valued at approximately $4,821,255. The trade was a 2.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 509,950 shares of company stock worth $23,288,223. 21.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GTLB shares. Raymond James Financial lowered their price objective on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. DA Davidson reduced their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. Capital One Financial lowered shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price objective for the company. in a research note on Wednesday, July 16th. Finally, Barclays reduced their price objective on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research note on Wednesday, June 11th. Five research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $62.63.

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.

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