GitLab Inc. (NASDAQ:GTLB) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. boosted its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,445,456 shares of the company's stock after purchasing an additional 302,864 shares during the quarter. Vanguard Group Inc. owned about 8.28% of GitLab worth $631,936,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in GitLab by 9,968.3% in the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after purchasing an additional 42,764 shares during the last quarter. Park Avenue Securities LLC raised its position in shares of GitLab by 5.3% during 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 during the period. Wealthcare Advisory Partners LLC grew its stake in GitLab by 19.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after acquiring an additional 1,065 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in GitLab during the first quarter valued at $200,000. Finally, Cetera Investment Advisers grew its stake in GitLab by 43.4% during the first quarter. Cetera Investment Advisers now owns 55,636 shares of the company's stock valued at $2,615,000 after acquiring an additional 16,849 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Insider Buying and Selling

In other GitLab news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director directly owned 107,139 shares in the company, valued at approximately $4,821,255. This represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the transaction, the director owned 551,997 shares of the company's stock, valued at $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 353,100 shares of company stock valued at $14,974,730. Corporate insiders own 16.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective on shares of GitLab in a research note on Wednesday, June 11th. Mizuho dropped their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, June 11th. Morgan Stanley lifted their price objective on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Rosenblatt Securities began coverage on shares of GitLab in a research note on Tuesday, July 15th. They issued a "buy" rating and a $58.00 price objective for the company. Finally, UBS Group dropped their price target on shares of GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and an average target price of $62.63.

GitLab Stock Performance

NASDAQ GTLB traded up $3.33 during mid-day trading on Friday, reaching $44.28. 5,406,700 shares of the stock were exchanged, compared to its average volume of 3,796,829. The business's 50 day moving average is $44.03 and its 200-day moving average is $49.76. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The company has a market capitalization of $7.32 billion, a P/E ratio of 442.80 and a beta of 0.73.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly 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 firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The firm's quarterly revenue was up 26.8% compared to the same quarter last year. Equities analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal 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.