Pier 88 Investment Partners LLC Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

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

Several other large investors also recently modified their holdings of the stock. OneDigital Investment Advisors LLC grew its stake in GitLab by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after acquiring an additional 166 shares during the period. Utah Retirement Systems raised its stake in shares of GitLab by 3.1% in the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after buying an additional 200 shares during the period. Mariner LLC raised its stake in shares of GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company's stock valued at $709,000 after purchasing an additional 214 shares during the period. True Wealth Design LLC raised its stake in shares of GitLab by 20.0% during the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after purchasing an additional 216 shares during the period. Finally, Graham Capital Management L.P. raised its stake in shares of GitLab by 0.8% during the 4th quarter. Graham Capital Management L.P. now owns 30,806 shares of the company's stock valued at $1,736,000 after purchasing an additional 242 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director owned 107,139 shares in the company, valued at approximately $4,821,255. The trade was a 2.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the transaction, the director directly owned 551,997 shares of the company's stock, valued at $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. Over the last ninety days, insiders sold 513,200 shares of company stock worth $23,434,473. Company insiders own 21.36% of the company's stock.

GitLab Price Performance

NASDAQ GTLB traded up $1.23 during trading on Tuesday, reaching $46.15. The company's stock had a trading volume of 1,060,604 shares, compared to its average volume of 2,860,173. The stock has a market capitalization of $7.62 billion, a PE ratio of 462.05 and a beta of 0.74. The firm has a fifty day moving average of $45.94 and a 200 day moving average of $52.36. GitLab Inc. has a one year low of $37.90 and a one year 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 for the quarter, topping the consensus estimate of $0.15 by $0.02. The business 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%. The business's revenue was up 26.8% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. Research analysts expect that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GTLB shares. JPMorgan Chase & Co. decreased their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 11th. Cantor Fitzgerald reduced their price objective on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Raymond James Financial reduced their price objective on GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Canaccord Genuity Group dropped their target price on GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a report on Thursday, June 12th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $62.00 target price on shares of GitLab in a report on Wednesday, June 25th. Five equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $62.63.

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.

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