Oak Ridge Investments LLC Buys Shares of 32,485 GitLab Inc. (NASDAQ:GTLB)

Key Points

• Oak Ridge Investments LLC acquired 32,485 shares of GitLab Inc. for approximately $1.53 million during the first quarter of the year, as reported in their latest SEC filing.
• GitLab reported $0.17 earnings per share (EPS), surpassing expectations, with a year-over-year revenue increase of 26.8%.
• Despite recent insider selling, GitLab maintains a strong institutional backing, with 95.04% of its stock currently owned by institutional investors.

Oak Ridge Investments LLC bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 32,485 shares of the company's stock, valued at approximately $1,527,000.

Other institutional investors also recently bought and sold shares of the company. Cullen Frost Bankers Inc. lifted its position in shares of GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after purchasing an additional 334 shares during the last quarter. CoreCap Advisors LLC lifted its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares during the last quarter. Cloud Capital Management LLC acquired a new position in shares of GitLab during the 1st quarter worth about $29,000. Harbour Investments Inc. lifted its position in shares of GitLab by 447.6% during the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of GitLab by 114.2% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $41.53 on Thursday. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The company has a market capitalization of $6.86 billion, a P/E ratio of 415.30 and a beta of 0.73. The company has a 50-day simple moving average of $44.27 and a 200 day simple moving average of $50.26.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the business posted $0.03 EPS. GitLab's revenue was up 26.8% on a year-over-year basis. As a group, equities analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on GTLB shares. Rosenblatt Securities started coverage on GitLab in a research report on Tuesday, July 15th. They set a "buy" rating and a $58.00 price objective for the company. KeyCorp cut their price objective on GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Mizuho cut their price objective on GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, June 11th. Morgan Stanley boosted their price objective on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price target on shares of GitLab in a research note on Tuesday, June 24th. Five equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $62.63.

Insiders Place Their Bets

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was 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 $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 sold 353,100 shares of company stock worth $14,974,730 over the last three months. Insiders own 16.37% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.