Cerity Partners LLC Buys 17,973 Shares of GitLab Inc. (NASDAQ:GTLB)

Cerity Partners LLC increased its position in shares of GitLab Inc. (NASDAQ:GTLB) by 32.7% in the 1st quarter, HoldingsChannel reports. The fund owned 72,973 shares of the company’s stock after acquiring an additional 17,973 shares during the period. Cerity Partners LLC’s holdings in GitLab were worth $3,430,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of GTLB. EverSource Wealth Advisors LLC lifted its stake in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares during the period. Cloud Capital Management LLC acquired a new stake in GitLab in the 1st quarter valued at about $29,000. CoreCap Advisors LLC grew its holdings in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after buying an additional 452 shares in the last quarter. GAMMA Investing LLC raised its stake in GitLab by 114.2% during the first quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after purchasing an additional 490 shares during the period. Finally, True Wealth Design LLC raised its position in shares of GitLab by 20.0% during the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock valued at $73,000 after buying an additional 216 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GTLB has been the subject of several research analyst reports. Barclays lowered their target price 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. Wells Fargo & Company reduced their target price on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Wednesday, June 11th. Cantor Fitzgerald decreased their target price on GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, June 11th. Macquarie reiterated an “outperform” rating and set a $75.00 price target on shares of GitLab in a research note on Wednesday, June 25th. Finally, DA Davidson reduced their price target on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $62.63.

GitLab Stock Up 3.3%

GTLB opened at $45.37 on Friday. The business has a 50 day moving average of $45.94 and a 200-day moving average of $52.42. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of 453.70 and a beta of 0.74.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. As a group, analysts expect that GitLab Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 129,400 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the sale, the director owned 551,997 shares in the company, valued at $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction on Friday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director directly owned 110,389 shares of the company’s stock, valued at $4,967,505. The trade was a 2.86% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 509,950 shares of company stock worth $23,288,223. Insiders own 16.37% of the company’s stock.

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.