205,322 Shares in GitLab Inc. (NASDAQ:GTLB) Bought by M&G Plc

M&G Plc bought a new stake in GitLab Inc. (NASDAQ:GTLB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 205,322 shares of the company’s stock, valued at approximately $10,266,000. M&G Plc owned approximately 0.13% of GitLab at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of GitLab in the 4th quarter valued at approximately $222,591,000. Capital Research Global Investors grew its position in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after acquiring an additional 3,096,437 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in shares of GitLab during the 4th quarter worth $76,918,000. Vanguard Group Inc. raised its holdings in shares of GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of GitLab in the 1st quarter valued at $49,196,000. 91.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on GTLB. KeyCorp lowered their price objective on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. DA Davidson dropped their target price on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. Canaccord Genuity Group decreased their price target on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Bank of America dropped their price objective on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Finally, Mizuho decreased their target price on GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $67.30.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the transaction, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at approximately $13,293,423. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the transaction, the chief financial officer now owns 305,175 shares in the company, valued at approximately $13,293,423. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Merline Saintil sold 1,329 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the sale, the director now owns 7,040 shares of the company’s stock, valued at approximately $311,731.20. The disclosure for this sale can be found here. Insiders sold 140,275 shares of company stock valued at $6,848,847 in the last ninety days. Insiders own 21.36% of the company’s stock.

GitLab Trading Up 5.1 %

Shares of GTLB opened at $44.12 on Wednesday. The stock has a market cap of $7.01 billion, a PE ratio of -16.04 and a beta of 0.46. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53. The stock has a 50 day simple moving average of $48.07 and a 200-day simple moving average of $55.97.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. On average, sell-side analysts forecast that GitLab Inc. will post -0.5 EPS for the current fiscal 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.