GitLab Inc. (NASDAQ:GTLB) Stock Position Lifted by Caprock Group LLC

Caprock Group LLC grew its position in GitLab Inc. (NASDAQ:GTLB) by 1.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,272 shares of the company’s stock after acquiring an additional 586 shares during the quarter. Caprock Group LLC’s holdings in GitLab were worth $1,555,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

Several brokerages recently issued reports on GTLB. Mizuho cut their price target on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. DA Davidson reiterated a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research note on Thursday, August 29th. UBS Group upped their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a report on Wednesday, September 4th. Finally, Citic Securities started coverage on shares of GitLab in a research note on Monday, June 3rd. They set a “buy” rating and a $80.00 target price for the company. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $65.87.

GitLab Stock Up 0.8 %

Shares of GTLB stock opened at $53.50 on Tuesday. The stock has a 50-day simple moving average of $49.10 and a 200 day simple moving average of $52.66. The stock has a market capitalization of $8.50 billion, a P/E ratio of -19.45 and a beta of 0.45. GitLab Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. GitLab’s revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.29) EPS. On average, sell-side analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares in the company, valued at approximately $12,758,527.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares in the company, valued at $13,342,873.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,608 shares of company stock worth $6,340,633. 21.36% of the stock is owned by insiders.

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.