Stephens Investment Management Group LLC Boosts Stake in GitLab Inc. (NASDAQ:GTLB)

Stephens Investment Management Group LLC grew its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 744,279 shares of the company's stock after buying an additional 32,570 shares during the quarter. Stephens Investment Management Group LLC owned about 0.46% of GitLab worth $34,981,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GTLB. EverSource Wealth Advisors LLC lifted its holdings in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of GitLab in the 1st quarter valued at approximately $29,000. CoreCap Advisors LLC lifted its holdings in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after buying an additional 452 shares during the period. GAMMA Investing LLC lifted its holdings in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after buying an additional 490 shares during the period. Finally, IMG Wealth Management Inc. acquired a new stake in shares of GitLab in the 4th quarter valued at approximately $46,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director owned 110,389 shares of the company's stock, valued at approximately $4,967,505. The trade was a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of the business's stock in a transaction dated 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 sale, the director directly owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This trade 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 worth $23,238,267 in the last three months. Company insiders own 16.37% of the company's stock.

GitLab Stock Down 6.8%

Shares of NASDAQ:GTLB traded down $3.06 during midday trading on Friday, reaching $42.03. The company's stock had a trading volume of 6,704,612 shares, compared to its average volume of 2,865,889. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 420.30 and a beta of 0.74. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The business has a 50 day moving average price of $46.35 and a 200 day moving average price of $52.88.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to the consensus estimate 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 for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. Sell-side analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GTLB shares. DA Davidson reduced their price objective on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 price objective on shares of GitLab in a report on Tuesday, June 24th. Cantor Fitzgerald reduced their price objective on GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a 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 for the company in a report on Wednesday, June 11th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $62.00 price objective on shares of GitLab in a report on Wednesday, June 25th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.59.

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.