GitLab Inc. (NASDAQ:GTLB) Position Increased by IQ EQ FUND MANAGEMENT IRELAND Ltd

Key Points

• IQ EQ Fund Management Ireland Ltd significantly increased its stake in GitLab Inc. by 174.2% during the first quarter, now owning 37,884 shares valued at approximately $1.78 million.
• Multiple institutional investors have made notable adjustments to their holdings in GitLab, with GAMMA Investing LLC increasing its stake by 9,968.3% in the same period.
• As of the latest reporting period, GitLab's stock has a market capitalization of $6.91 billion and a 52-week price range reaching as high as $74.18 and a low of $37.90.

IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 174.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,884 shares of the company's stock after buying an additional 24,069 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in GitLab were worth $1,781,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. lifted its position in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after buying an additional 334 shares in the last quarter. Cloud Capital Management LLC acquired a new position in shares of GitLab during the first quarter worth $29,000. CoreCap Advisors LLC lifted its position in shares of GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of GitLab by 447.6% during the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of GitLab by 114.2% during the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Trading Down 0.3%

GTLB stock traded down $0.15 during trading on Tuesday, hitting $44.00. The company had a trading volume of 3,613,672 shares, compared to its average volume of 3,724,325. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of 440.00 and a beta of 0.73. The business has a 50 day moving average of $44.99 and a 200 day moving average of $51.18.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $213.21 million. During the same period in the prior year, the company earned $0.03 EPS. GitLab's revenue was up 26.8% on a year-over-year basis. As a group, equities analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Friday, July 18th. 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 directly owned 107,139 shares of the company's stock, valued at approximately $4,821,255. This represents a 2.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock valued at $23,288,223 over the last 90 days. Insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GTLB shares. DA Davidson reduced their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Cowen reissued a "buy" rating on shares of GitLab in a research report on Friday, June 6th. Mizuho reduced their target price on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Canaccord Genuity Group dropped their price target on shares of GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, June 12th. Finally, Scotiabank dropped their price target on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.63.

GitLab Company 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.