Wealth Enhancement Advisory Services LLC Acquires 67,559 Shares of GitLab Inc. (NASDAQ:GTLB)

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 64.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 172,866 shares of the company's stock after acquiring an additional 67,559 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.11% of GitLab worth $8,125,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rhumbline Advisers boosted its holdings in GitLab by 5.5% during the fourth quarter. Rhumbline Advisers now owns 150,312 shares of the company's stock worth $8,470,000 after purchasing an additional 7,837 shares during the last quarter. Truist Financial Corp boosted its stake in GitLab by 32.4% in the fourth quarter. Truist Financial Corp now owns 22,078 shares of the company's stock valued at $1,244,000 after acquiring an additional 5,406 shares during the last quarter. D.A. Davidson & CO. boosted its stake in GitLab by 14.3% in the fourth quarter. D.A. Davidson & CO. now owns 9,898 shares of the company's stock valued at $558,000 after acquiring an additional 1,238 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in GitLab by 9.9% in the fourth quarter. Handelsbanken Fonder AB now owns 31,000 shares of the company's stock valued at $1,747,000 after acquiring an additional 2,800 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in GitLab by 57.8% in the fourth quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company's stock valued at $81,000 after acquiring an additional 526 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Buying and Selling at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now directly owns 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 377,300 shares of company stock valued at $17,615,809 in the last quarter. Company insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GTLB. KeyCorp dropped their target price on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. BTIG Research dropped their price target on shares of GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Piper Sandler restated an "overweight" rating and set a $85.00 price target on shares of GitLab in a research note on Wednesday, June 11th. Truist Financial restated a "buy" rating and set a $75.00 price target (down from $80.00) on shares of GitLab in a research note on Wednesday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price target (down from $63.00) on shares of GitLab in a research note on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $63.59.

GitLab Stock Performance

GTLB stock opened at $42.83 on Wednesday. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The firm's fifty day moving average is $46.21 and its 200 day moving average is $54.22. The firm has a market cap of $7.08 billion, a P/E ratio of 428.30 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The firm's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 EPS. As a group, analysts forecast that GitLab Inc. will post -0.31 EPS for the current year.

GitLab 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.

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