11,841 Shares in GitLab Inc. (NASDAQ:GTLB) Purchased by Legacy Advisors LLC

Legacy Advisors LLC purchased a new position in GitLab Inc. (NASDAQ:GTLB) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 11,841 shares of the company’s stock, valued at approximately $557,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. M&T Bank Corp raised its stake in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after buying an additional 148 shares during the last quarter. OneDigital Investment Advisors LLC grew its holdings in GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after acquiring an additional 166 shares during the period. Utah Retirement Systems grew its holdings in GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after acquiring an additional 200 shares during the period. Mariner LLC raised its position in GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company’s stock valued at $709,000 after acquiring an additional 214 shares in the last quarter. Finally, True Wealth Design LLC lifted its holdings in GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock valued at $73,000 after acquiring an additional 216 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value 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 $18,251,329.20. This trade represents a 11.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $53.03, for a total value of $5,759,058.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 377,300 shares of company stock worth $17,615,809. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Up 5.2%

GitLab stock opened at $42.83 on Wednesday. The company has a fifty day simple moving average of $46.21 and a 200-day simple moving average of $54.22. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 428.30 and a beta of 0.75. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The company 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%. GitLab’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 EPS. On average, research analysts anticipate that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GTLB shares. Morgan Stanley raised their price objective on shares of GitLab from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 11th. 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 report on Wednesday, June 11th. Mizuho cut their price objective on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. Needham & Company LLC decreased their price objective on shares of GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Finally, Cantor Fitzgerald lowered their target price on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 11th. 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.com, GitLab has a consensus rating of “Moderate Buy” and a consensus price target 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.