Oppenheimer Asset Management Inc. Has $1.06 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Oppenheimer Asset Management Inc. increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 37.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,235 shares of the company’s stock after buying an additional 5,786 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in GitLab were worth $1,056,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTLB. Blair William & Co. IL lifted its stake in GitLab by 55.3% in the first quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after buying an additional 14,738 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in GitLab during the 1st quarter worth about $58,000. Balyasny Asset Management L.P. raised its stake in shares of GitLab by 520.6% in the 4th 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 period. Comerica Bank lifted 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 in the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of GitLab by 12.9% during the fourth quarter. Teacher Retirement System of Texas now owns 6,324 shares of the company’s stock worth $398,000 after buying an additional 722 shares during the period. 91.72% of the stock is currently owned by institutional investors.

GitLab Trading Up 2.3 %

NASDAQ:GTLB opened at $52.35 on Friday. The stock has a 50 day simple moving average of $49.33 and a 200 day simple moving average of $51.91. GitLab Inc. has a 1-year low of $40.19 and a 1-year high of $78.53. The stock has a market cap of $8.32 billion, a P/E ratio of -19.04 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm 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%. The business’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.29) EPS. As a group, sell-side analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Brian G. Robins sold 23,334 shares of GitLab stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. Insiders sold 133,115 shares of company stock valued at $6,683,620 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GTLB. Canaccord Genuity Group cut their price objective on shares of GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. UBS Group increased their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. TD Cowen lifted their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Barclays increased their price target on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Finally, KeyCorp lowered their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $66.05.

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.