5,962 Shares in GitLab Inc. (NASDAQ:GTLB) Purchased by Krane Funds Advisors LLC

Krane Funds Advisors LLC purchased a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,962 shares of the company's stock, valued at approximately $280,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. M&T Bank Corp raised its position in GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock worth $280,000 after acquiring an additional 148 shares during the period. OneDigital Investment Advisors LLC increased its stake in shares of GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after purchasing an additional 166 shares during the last quarter. Utah Retirement Systems raised its holdings in shares of 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 during the period. Mariner LLC lifted its stake in 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 last quarter. Finally, True Wealth Design LLC grew its holdings in GitLab by 20.0% during the fourth 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 period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JPMorgan Chase & Co. lowered their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 11th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $62.00 price objective on shares of GitLab in a report on Wednesday, June 25th. Canaccord Genuity Group reduced their target price 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. Cantor Fitzgerald lowered their price target on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Finally, KeyCorp cut their price objective on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and an average target price of $63.59.

Insider Buying and Selling at GitLab

In other GitLab news, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction dated 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 completion of the sale, the director directly owned 551,997 shares in the company, valued at $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold 509,950 shares of company stock valued at $23,238,267 over the last ninety days. Insiders own 21.36% of the company's stock.

GitLab Stock Performance

GitLab stock traded down $0.37 during mid-day trading on Wednesday, hitting $45.14. 2,878,340 shares of the company traded hands, compared to its average volume of 2,817,757. The stock has a fifty day moving average price of $46.45 and a 200-day moving average price of $53.62. The stock has a market cap of $7.46 billion, a price-to-earnings ratio of 451.40 and a beta of 0.74. 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 released its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating 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 business had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. The firm's revenue was up 26.8% on a year-over-year basis. Sell-side analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

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.