GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. increased its holdings in GitLab Inc. by 175.1% during the 1st quarter, owning approximately 1,396,613 shares valued at $65.53 million.
• Several analysts have set new price targets for GitLab, with an average target price of $62.63 and a consensus rating of "Moderate Buy".
• GitLab's recent quarterly earnings surpassed estimates, reporting $0.17 EPS and $214.51 million in revenue, showing a 26.8% year-over-year increase.

Nikko Asset Management Americas Inc. grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 175.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,396,613 shares of the company's stock after buying an additional 888,900 shares during the quarter. Nikko Asset Management Americas Inc. owned 0.86% of GitLab worth $65,529,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in GTLB. Norges Bank purchased a new stake in GitLab in the 4th quarter worth about $279,089,000. Ameriprise Financial Inc. boosted its stake in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after purchasing an additional 1,583,221 shares during the period. Alliancebernstein L.P. grew its holdings in shares of GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after purchasing an additional 1,420,248 shares during the last quarter. Marshall Wace LLP increased its stake in GitLab by 572.3% in the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock worth $61,654,000 after buying an additional 931,396 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after buying an additional 885,955 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Performance

GTLB stock traded down $0.18 during trading on Wednesday, reaching $47.01. The company had a trading volume of 1,561,287 shares, compared to its average volume of 3,402,203. The firm has a 50-day simple moving average of $45.28 and a 200-day simple moving average of $51.75. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 470.35 and a beta of 0.74. GitLab Inc. has a twelve month low of $37.90 and a twelve month 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, topping analysts' consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million during 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%. GitLab's revenue for the quarter was up 26.8% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. Sell-side analysts expect that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Activity at GitLab

In other GitLab 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 sale, the chief financial officer directly 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 sale was disclosed in a legal filing with the SEC, which is accessible 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 sale, the director owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. The trade was 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 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GTLB shares. Morgan Stanley raised their target price on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. JPMorgan Chase & Co. decreased their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Wells Fargo & Company lowered their target price on GitLab from $65.00 to $60.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. UBS Group cut their price target on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $50.00 price objective on shares of GitLab in a report on Tuesday, June 24th. Five investment 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 has an average rating of "Moderate Buy" and a consensus target price 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.