Sterling Investment Advisors Ltd. Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Sterling Investment Advisors Ltd. has acquired a new position in GitLab Inc., purchasing 28,033 shares worth approximately $1.32 million in the first quarter.
• Insider transactions have seen significant activity, with over 509,950 shares sold by insiders last quarter, valued at $23.28 million.
• Analysts maintain a consensus price target of $62.63 for GitLab, with five hold ratings, twenty buy ratings, and one strong buy rating.

Sterling Investment Advisors Ltd. acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 28,033 shares of the company's stock, valued at approximately $1,318,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in shares of 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 purchasing an additional 42,764 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in shares of GitLab by 5.3% in the 1st 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 in the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in shares of GitLab by 19.3% in the 1st 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 shares of GitLab during the 1st quarter valued at $200,000. Finally, American Century Companies Inc. boosted its holdings in shares of GitLab by 314.9% during the 4th quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock valued at $2,183,000 after acquiring an additional 29,399 shares in the last quarter. Institutional investors own 95.04% of the company's stock.

Insider Transactions at GitLab

In related 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 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 $4,821,255. The trade was a 2.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the sale, the chief financial officer directly owned 344,105 shares of the company's stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 509,950 shares of company stock valued at $23,288,223. 16.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GTLB has been the topic of several recent research reports. 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 report on Wednesday, June 11th. Rosenblatt Securities initiated coverage on GitLab in a report on Tuesday, July 15th. They set a "buy" rating and a $58.00 price objective on the stock. UBS Group cut their price objective on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Wells Fargo & Company cut their price objective on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Finally, DA Davidson cut their price objective on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Five analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, GitLab has an average rating of "Moderate Buy" and an average target price of $62.63.

GitLab Stock Performance

Shares of GTLB stock traded down $1.69 during mid-day trading on Thursday, hitting $44.48. The company's stock had a trading volume of 2,772,120 shares, compared to its average volume of 3,410,332. The company's fifty day simple moving average is $45.25 and its 200-day simple moving average is $51.71. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The company has a market cap of $7.35 billion, a PE ratio of 445.10 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last posted 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. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period last year, the company posted $0.03 EPS. The business's quarterly revenue was up 26.8% on a year-over-year basis. On average, equities analysts anticipate that GitLab Inc. will post -0.31 earnings per share 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.