GitLab Inc. (NASDAQ:GTLB) Shares Bought by Sycomore Asset Management

Sycomore Asset Management raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 135.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 166,574 shares of the company’s stock after purchasing an additional 95,874 shares during the period. GitLab accounts for approximately 1.4% of Sycomore Asset Management’s investment portfolio, making the stock its 25th biggest holding. Sycomore Asset Management owned about 0.10% of GitLab worth $8,089,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hsbc Holdings PLC increased its position in GitLab by 6.9% during the 4th quarter. Hsbc Holdings PLC now owns 19,807 shares of the company’s stock valued at $1,257,000 after buying an additional 1,286 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of GitLab by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock valued at $2,449,000 after buying an additional 380 shares in the last quarter. Evoke Wealth LLC acquired a new stake in shares of GitLab in the fourth quarter valued at about $413,000. Blueshift Asset Management LLC purchased a new stake in shares of GitLab during the fourth quarter worth approximately $378,000. Finally, 1832 Asset Management L.P. acquired a new position in GitLab in the 4th quarter valued at $76,918,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Buying and Selling

In other GitLab news, Director Merline Saintil sold 1,182 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the transaction, the director now owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Merline Saintil sold 1,182 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the transaction, the director now owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The disclosure for this sale can be found here. Insiders have sold a total of 108,947 shares of company stock valued at $5,481,851 in the last ninety days. Company insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GTLB shares. Barclays lifted their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. BTIG Research upped their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. DA Davidson reiterated a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a report on Thursday, August 29th. Needham & Company LLC restated a “hold” rating on shares of GitLab in a report on Wednesday, September 4th. Finally, Wells Fargo & Company increased their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average price target of $66.05.

GitLab Stock Down 0.2 %

GTLB opened at $51.54 on Tuesday. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53. The business has a fifty day simple moving average of $49.31 and a 200-day simple moving average of $51.44. The firm has a market cap of $8.19 billion, a P/E ratio of -18.74 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 15.40% and a negative net margin of 54.62%. GitLab’s revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.29) EPS. Sell-side analysts expect that GitLab Inc. will post -0.41 earnings per share for the current year.

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.