Phoenix Financial Ltd. Takes Position in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Phoenix Financial Ltd. has acquired a new stake in GitLab Inc., purchasing 16,000 shares valued at approximately $752,000 in the first quarter.
• Institutional and hedge fund investors own 95.04% of GitLab's stock, reflecting strong interest in the company.
• Analysts maintain a positive outlook, with an average target price of $62.63 and multiple "buy" ratings despite some recent price target adjustments.

Phoenix Financial Ltd. bought a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 16,000 shares of the company's stock, valued at approximately $752,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its position in GitLab by 9,968.3% during the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after purchasing an additional 42,764 shares during the last quarter. Park Avenue Securities LLC increased its stake in GitLab by 5.3% during the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after acquiring an additional 381 shares during the period. Wealthcare Advisory Partners LLC boosted its holdings in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after purchasing an additional 1,065 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in GitLab during the first quarter valued at approximately $200,000. Finally, American Century Companies Inc. boosted its holdings in shares of GitLab by 314.9% in the 4th quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock worth $2,183,000 after acquiring an additional 29,399 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on GTLB shares. Barclays reduced their price objective on GitLab from $58.00 to $47.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 11th. Truist Financial reiterated a "buy" rating and set a $75.00 target price (down previously from $80.00) on shares of GitLab in a report on Wednesday, June 11th. Cowen restated a "buy" rating on shares of GitLab in a report on Friday, June 6th. DA Davidson cut their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, UBS Group cut their price objective on shares of GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Five equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and a consensus target price of $62.63.

Insider Activity at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 107,139 shares in the company, valued at approximately $4,821,255. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction 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 transaction, the director owned 551,997 shares in the company, valued at $23,360,513.04. This represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 509,950 shares of company stock valued at $23,288,223 in the last three months. Corporate insiders own 21.36% of the company's stock.

GitLab Stock Performance

Shares of GitLab stock traded down $0.48 during mid-day trading on Wednesday, hitting $46.71. 1,414,347 shares of the stock were exchanged, compared to its average volume of 3,401,015. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The company 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 capitalization of $7.72 billion, a P/E ratio of 467.79 and a beta of 0.74.

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 analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $213.21 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The business's revenue for the quarter was up 26.8% compared to the same quarter last year. 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.