XTX Topco Ltd Makes New $1.65 Million Investment in GitLab Inc. (NASDAQ:GTLB)

Key Points

• XTX Topco Ltd acquired a $1.65 million stake in GitLab Inc., purchasing 35,185 shares during the first quarter.
• Insiders sold a total of 509,950 shares of GitLab stock in the last 90 days, indicating a notable decrease in their ownership positions.
• GitLab reported an EPS of $0.17 for the latest quarter, surpassing expectations and marking a 26.8% increase in revenue compared to the same period last year.

XTX Topco Ltd purchased a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 35,185 shares of the company's stock, valued at approximately $1,654,000.

A number of other large investors have also added to or reduced their stakes in GTLB. Cullen Frost Bankers Inc. lifted its position in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after buying an additional 334 shares during the period. Cloud Capital Management LLC bought a new stake in GitLab during the first quarter worth about $29,000. CoreCap Advisors LLC grew its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares during the period. GAMMA Investing LLC lifted its holdings in shares of GitLab by 114.2% during the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after purchasing an additional 490 shares during the last quarter. Finally, True Wealth Design LLC lifted its holdings in shares of GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after purchasing an additional 216 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

GitLab Stock Performance

Shares of GTLB traded down $1.99 during midday trading on Friday, hitting $41.82. 4,100,831 shares of the company traded hands, compared to its average volume of 3,501,958. The stock has a market cap of $6.91 billion, a price-to-earnings ratio of 418.20 and a beta of 0.74. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a 50 day moving average of $45.06 and a 200-day moving average of $51.40.

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, topping the consensus estimate of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same quarter in the previous year, the business posted $0.03 earnings per share. GitLab's quarterly revenue was up 26.8% on a year-over-year basis. Sell-side analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on GTLB. Cowen reiterated a "buy" rating on shares of GitLab in a report on Friday, June 6th. Truist Financial restated a "buy" rating and set a $75.00 price objective (down from $80.00) on shares of GitLab in a research note on Wednesday, June 11th. Morgan Stanley raised their price objective on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Barclays reduced their price objective on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research note on Wednesday, June 11th. Finally, Scotiabank reduced their price target on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. Five research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average price target of $62.63.

Insider Activity

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction dated 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 completion of the transaction, the director owned 551,997 shares in the company, valued at approximately $23,360,513.04. The trade was 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 509,950 shares of company stock worth $23,288,223. 16.37% of the stock is currently owned by insiders.

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.