Wealth Enhancement Advisory Services LLC Raises Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Wealth Enhancement Advisory Services LLC lifted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 64.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 172,866 shares of the company's stock after purchasing an additional 67,559 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.11% of GitLab worth $8,125,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GTLB. EverSource Wealth Advisors LLC lifted its position in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC increased its stake in 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 last quarter. IMG Wealth Management Inc. bought a new position in shares of GitLab during the 4th quarter worth approximately $46,000. GAMMA Investing LLC boosted its stake in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after buying an additional 490 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after acquiring an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

Insider Buying and Selling at GitLab

In other news, 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 transaction of $5,476,208.00. Following the completion of the transaction, the director now directly owns 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 506,700 shares of company stock worth $23,092,017. Insiders own 16.37% of the company's stock.

GitLab Stock Performance

Shares of GitLab stock traded up $0.91 during midday trading on Friday, hitting $45.14. The company had a trading volume of 6,026,690 shares, compared to its average volume of 2,797,988. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The stock has a market capitalization of $7.46 billion, a P/E ratio of 451.40 and a beta of 0.75. The company has a 50 day moving average of $46.29 and a 200 day moving average of $53.82.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results on Tuesday, June 10th. The company reported $0.17 EPS 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 business had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period in the previous year, the company posted $0.03 earnings per share. The company's revenue for the quarter was up 26.8% compared to the same quarter last year. Equities research analysts forecast that GitLab Inc. will post -0.31 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on GTLB. BTIG Research decreased their price objective on shares of GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. JPMorgan Chase & Co. decreased their price target on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research note on Wednesday, June 11th. Mizuho lowered their price target on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. UBS Group reduced their price objective on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Finally, Robert W. Baird decreased their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.