Jennison Associates LLC Purchases New Shares in GitLab Inc. (NASDAQ:GTLB)

Jennison Associates LLC bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,908 shares of the company's stock, valued at approximately $466,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of GitLab in the fourth quarter worth approximately $3,392,000. PNC Financial Services Group Inc. boosted its position in shares of GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company's stock worth $128,000 after purchasing an additional 328 shares during the period. HighTower Advisors LLC bought a new position in shares of GitLab during the fourth quarter worth $289,000. Commonwealth Equity Services LLC bought a new position in shares of GitLab during the fourth quarter worth $235,000. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of GitLab by 11.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,324 shares of the company's stock worth $244,000 after acquiring an additional 436 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer directly owned 344,105 shares of the company's stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the transaction, 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 have sold 509,950 shares of company stock valued at $23,288,223 over the last 90 days. Company insiders own 16.37% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $62.00 target price on shares of GitLab in a research report on Wednesday, June 25th. Barclays decreased their price target on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Wednesday, June 11th. Mizuho decreased their price target on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Cantor Fitzgerald decreased their price target on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Finally, UBS Group decreased their price target on shares of GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Five 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $62.63.

GitLab Stock Performance

GitLab stock traded up $1.14 during midday trading on Friday, hitting $47.93. 1,636,031 shares of the company's stock were exchanged, compared to its average volume of 3,411,441. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The firm has a 50-day moving average of $45.42 and a two-hundred day moving average of $52.08. The company has a market cap of $7.92 billion, a PE ratio of 479.20 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last released 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. The business had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company's revenue was up 26.8% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. As a group, equities analysts expect 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.