20,190 Shares in GitLab Inc. (NASDAQ:GTLB) Purchased by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 20,190 shares of the company's stock, valued at approximately $949,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. Cullen Frost Bankers Inc. grew its holdings 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 period. CoreCap Advisors LLC grew its holdings 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 period. Cloud Capital Management LLC purchased a new stake in shares of GitLab during the 1st quarter worth about $29,000. GAMMA Investing LLC boosted its holdings in GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after acquiring an additional 490 shares during the period. Finally, True Wealth Design LLC boosted its holdings in GitLab by 20.0% in the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock worth $73,000 after acquiring an additional 216 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GTLB shares. Mizuho decreased their price target on GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Canaccord Genuity Group decreased their price target on GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a report on Thursday, June 12th. Barclays decreased their price target on GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a report on Wednesday, June 11th. Scotiabank decreased their price target on GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a report on Friday, June 6th. Finally, Capital One Financial cut GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price target for the company. in a report on Wednesday, July 16th. Five research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.63.

GitLab Trading Up 1.5%

GTLB stock traded up $0.73 during trading hours on Friday, hitting $47.52. 1,267,464 shares of the stock traded hands, compared to its average volume of 3,409,340. The stock has a 50-day simple moving average of $45.42 and a 200 day simple moving average of $52.08. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company has a market cap of $7.85 billion, a P/E ratio of 474.23 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $213.21 million. During the same quarter last year, the business posted $0.03 earnings per share. The company's quarterly revenue was up 26.8% on a year-over-year basis. Analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $43.33, for a total value of $4,705,638.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Friday, July 18th. The stock was 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 of the company's stock, valued at approximately $4,821,255. This represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 509,950 shares of company stock valued at $23,288,223. 16.37% of the stock is currently owned by company insiders.

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.