Mirae Asset Global Investments Co. Ltd. Takes Position in GitLab Inc. (NASDAQ:GTLB)

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 18,160 shares of the company's stock, valued at approximately $1,143,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of GitLab by 6.8% during the 3rd quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company's stock worth $376,115,000 after acquiring an additional 530,702 shares during the last quarter. Invesco Ltd. grew its stake in shares of GitLab by 71.3% in the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company's stock worth $191,590,000 after buying an additional 1,762,944 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of GitLab by 2.1% in the 3rd quarter. Fiera Capital Corp now owns 1,194,371 shares of the company's stock worth $54,009,000 after buying an additional 24,652 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of GitLab by 280.3% in the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company's stock valued at $28,443,000 after purchasing an additional 463,584 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of GitLab by 23.8% in the third quarter. Bank of New York Mellon Corp now owns 500,196 shares of the company's stock valued at $22,619,000 after acquiring an additional 96,322 shares during the period. Hedge funds and other institutional investors own 91.72% of the company's stock.

Insiders Place Their Bets

In related news, insider Robin Schulman sold 15,712 shares of GitLab stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $75.02, for a total value of $1,178,714.24. Following the transaction, the insider now owns 60,132 shares in the company, valued at $4,511,102.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Robin Schulman sold 15,712 shares of GitLab stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $75.02, for a total transaction of $1,178,714.24. Following the sale, the insider now directly owns 60,132 shares of the company's stock, valued at $4,511,102.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00. The disclosure for this sale can be found here. Insiders have sold a total of 492,638 shares of company stock valued at $28,048,607 in the last quarter. 28.04% of the stock is currently owned by company insiders.

GitLab Trading Up 6.8 %

Shares of GitLab stock traded up $3.56 during trading hours on Tuesday, hitting $56.08. 2,540,482 shares of the company were exchanged, compared to its average volume of 2,627,864. The business has a 50-day moving average of $61.28 and a 200-day moving average of $58.16. GitLab Inc. has a 1 year low of $26.24 and a 1 year high of $78.53. The stock has a market capitalization of $8.89 billion, a price-to-earnings ratio of -20.23 and a beta of 0.46.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The firm had revenue of $163.80 million during the quarter, compared to analysts' expectations of $157.89 million. During the same quarter in the prior year, the business posted ($0.26) earnings per share. GitLab's revenue was up 33.3% compared to the same quarter last year. As a group, research analysts anticipate that GitLab Inc. will post -0.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GTLB. Wolfe Research raised GitLab from a "peer perform" rating to an "outperform" rating and set a $75.00 price objective on the stock in a research note on Wednesday, March 6th. DA Davidson reduced their target price on GitLab from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 5th. Capital One Financial began coverage on GitLab in a report on Friday, March 22nd. They issued an "overweight" rating and a $72.00 price target for the company. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 5th. Finally, UBS Group lowered their target price on GitLab from $81.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $70.73.

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.