LGT Group Foundation Makes New $993,000 Investment in GitLab Inc. (NASDAQ:GTLB)

Key Points

• LGT Group Foundation has made a significant investment of approximately $993,000 in GitLab Inc., purchasing 21,133 shares in the first quarter.
• GitLab reported a quarterly earnings per share (EPS) of $0.17, exceeding analyst expectations of $0.15, with a revenue of $214.51 million, up 26.8% year-over-year.
• Research analysts generally hold a positive view on GitLab, with a consensus rating of "Moderate Buy" and a price target of $62.63, despite recent price objective reductions from several firms.

LGT Group Foundation acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 21,133 shares of the company's stock, valued at approximately $993,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Cullen Frost Bankers Inc. lifted its stake in GitLab by 174.9% in 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 during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of GitLab in the first quarter valued at approximately $29,000. CoreCap Advisors LLC boosted its holdings in shares of GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after acquiring an additional 452 shares during the period. Harbour Investments Inc. boosted its holdings in shares of GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock valued at $42,000 after acquiring an additional 734 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after acquiring an additional 490 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

GitLab Stock Performance

NASDAQ:GTLB traded up $3.33 during trading hours on Friday, hitting $44.28. The company's stock had a trading volume of 5,406,700 shares, compared to its average volume of 3,796,829. The business's 50-day moving average is $44.03 and its two-hundred day moving average is $49.90. The company has a market capitalization of $7.32 billion, a PE ratio of 442.80 and a beta of 0.73. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last released 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. The firm had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. GitLab's revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 earnings per share. As a group, analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GTLB. UBS Group decreased their price objective on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Needham & Company LLC decreased their price objective on GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Mizuho decreased their price objective on GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. JPMorgan Chase & Co. decreased their price objective on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a report on Wednesday, June 11th. Finally, Truist Financial reissued a "buy" rating and issued a $75.00 price objective (down from $80.00) on shares of GitLab in a report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.63.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $43.33, for a total value of $4,705,638.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on 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 in the company, valued at $4,821,255. This trade represents a 2.94% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 353,100 shares of company stock valued at $14,974,730. Insiders own 16.37% of the company's stock.

About GitLab

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.