Primecap Management Co. CA Raises Position in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Primecap Management Co. CA increased its stake in GitLab Inc. by 3.7%, acquiring an additional 30,800 shares, bringing its total ownership to approximately 866,740 shares valued at $40.74 million.
• GitLab reported earnings per share of $0.17 for the last quarter, exceeding the consensus estimate of $0.15, along with a revenue of $214.51 million, which was above analysts' expectations.
• Several analysts have issued a Moderate Buy consensus for GitLab, with an average target price of $62.63, as multiple investment firms adjust their price objectives amidst changing market conditions.

Primecap Management Co. CA lifted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 866,740 shares of the company's stock after buying an additional 30,800 shares during the quarter. Primecap Management Co. CA owned approximately 0.53% of GitLab worth $40,737,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in GitLab by 9,968.3% in the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after acquiring an additional 42,764 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of GitLab by 5.3% in the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after purchasing an additional 381 shares during the period. Wealthcare Advisory Partners LLC grew its holdings in shares of GitLab by 19.3% in 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. purchased a new stake in GitLab during the 1st quarter worth approximately $200,000. Finally, Cetera Investment Advisers lifted its holdings in GitLab by 43.4% during the 1st quarter. Cetera Investment Advisers now owns 55,636 shares of the company's stock worth $2,615,000 after buying an additional 16,849 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Needham & Company LLC cut their price objective on GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Royal Bank Of Canada reissued an "outperform" rating and set a $62.00 target price on shares of GitLab in a research note on Wednesday, June 25th. Raymond James Financial reduced their price target on GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Wells Fargo & Company decreased their price objective on GitLab from $65.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. Five research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average target price of $62.63.

GitLab Stock Down 2.8%

NASDAQ:GTLB traded down $1.18 during mid-day trading on Friday, reaching $40.42. 4,169,352 shares of the stock were exchanged, compared to its average volume of 3,737,707. The stock has a market capitalization of $6.68 billion, a P/E ratio of 404.20 and a beta of 0.73. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The company has a 50 day simple moving average of $44.67 and a 200-day simple moving average of $50.76.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $213.21 million. During the same period last year, the firm posted $0.03 earnings per share. The company's revenue for the quarter was up 26.8% compared to the same quarter last year. As a group, research analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at GitLab

In other news, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated 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 at the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00. Following the transaction, the director directly owned 551,997 shares in the company, valued at approximately $23,360,513.04. This represents a 18.99% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 509,950 shares of company stock valued at $23,288,223. Company insiders own 16.37% of the company's stock.

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.