DekaBank Deutsche Girozentrale Purchases 29,375 Shares of GitLab Inc. (NASDAQ:GTLB)

DekaBank Deutsche Girozentrale increased its position in GitLab Inc. (NASDAQ:GTLB) by 13.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 249,602 shares of the company’s stock after purchasing an additional 29,375 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.16% of GitLab worth $12,306,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of GitLab by 10.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after acquiring an additional 51,612 shares during the period. Blair William & Co. IL lifted its holdings in GitLab by 55.3% during the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after purchasing an additional 14,738 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in GitLab during the first quarter worth $58,000. Balyasny Asset Management L.P. increased its holdings in shares of GitLab by 520.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock valued at $47,134,000 after purchasing an additional 627,999 shares during the last quarter. Finally, Comerica Bank increased its holdings in shares of GitLab by 2,076.2% in the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after purchasing an additional 63,323 shares during the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other GitLab news, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total value of $58,848.12. Following the completion of the sale, the director now directly owns 7,040 shares of the company’s stock, valued at approximately $311,731.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other GitLab news, Director Merline Saintil sold 1,329 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the transaction, the director now owns 7,040 shares of the company’s stock, valued at $311,731.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,334 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $50.24, for a total value of $1,172,300.16. Following the sale, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The disclosure for this sale can be found here. Insiders sold a total of 133,609 shares of company stock worth $6,704,823 over the last quarter. Insiders own 21.36% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GTLB shares. Citic Securities started coverage on shares of GitLab in a research report on Monday, June 3rd. They set a “buy” rating and a $80.00 price objective for the company. Mizuho reduced their price target on GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Baird R W raised GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Bank of America lifted their target price on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Scotiabank upped their price target on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.05.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $54.49 on Monday. The firm’s 50-day simple moving average is $49.29 and its 200 day simple moving average is $52.20. The stock has a market cap of $8.66 billion, a price-to-earnings ratio of -19.81 and a beta of 0.44. GitLab Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $78.53.

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