Y Intercept Hong Kong Ltd Takes Position in GitLab Inc. (NASDAQ:GTLB)

Key Points

• Y Intercept Hong Kong Ltd has made a new investment in GitLab Inc., acquiring 13,462 shares valued at approximately $633,000.
• Institutional investors now hold a staggering 95.04% of GitLab's stock, indicating strong institutional confidence in the company's performance.
• GitLab recently reported an earnings per share (EPS) of $0.17, surpassing analysts' expectations, with revenues increasing by 26.8% year-over-year.

Y Intercept Hong Kong Ltd acquired a new stake 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 (SEC). The institutional investor acquired 13,462 shares of the company's stock, valued at approximately $633,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new position in GitLab in the fourth quarter worth approximately $289,000. Commonwealth Equity Services LLC bought a new position in GitLab in the fourth quarter worth approximately $235,000. Envestnet Portfolio Solutions Inc. raised its position in GitLab by 11.2% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,324 shares of the company's stock worth $244,000 after acquiring an additional 436 shares during the period. American Century Companies Inc. raised its position in GitLab by 314.9% in the fourth quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock worth $2,183,000 after acquiring an additional 29,399 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in GitLab in the fourth quarter worth approximately $1,381,000. Institutional investors own 95.04% of the company's stock.

Insider Activity

In related news, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction dated 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 directly owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. The trade was a 18.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director directly owned 107,139 shares of the company's stock, valued at approximately $4,821,255. This represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock valued at $23,288,223 in the last quarter. 16.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GTLB shares. Capital One Financial downgraded shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price target on the stock. in a research report on Wednesday, July 16th. Needham & Company LLC decreased their price target on shares of GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. JPMorgan Chase & Co. decreased their price objective on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 11th. Raymond James Financial decreased their price objective on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Finally, BTIG Research decreased their price objective on shares of GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Five 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 stock. Based on data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and a consensus target price of $62.63.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded down $1.02 on Wednesday, reaching $46.17. The company's stock had a trading volume of 3,326,836 shares, compared to its average volume of 3,378,828. 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 $7.63 billion, a P/E ratio of 461.70 and a beta of 0.74. The company has a 50-day simple moving average of $45.25 and a 200 day simple moving average of $51.71.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 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 business had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. During the same period last year, the company posted $0.03 EPS. The business's revenue was up 26.8% on a year-over-year basis. On average, equities research analysts forecast that GitLab Inc. will post -0.31 EPS 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.