GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC increased its position in GitLab Inc. (NASDAQ:GTLBGet Rating) by 169.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,332 shares of the company’s stock after acquiring an additional 1,465 shares during the period. Lazard Asset Management LLC’s holdings in GitLab were worth $123,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. ICONIQ Capital LLC lifted its holdings in shares of GitLab by 252.2% in the first quarter. ICONIQ Capital LLC now owns 9,773,455 shares of the company’s stock valued at $532,164,000 after buying an additional 6,998,187 shares during the period. BlackRock Inc. lifted its holdings in shares of GitLab by 13.1% during the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock valued at $153,635,000 after purchasing an additional 327,244 shares during the last quarter. Marcho Partners LLP lifted its holdings in shares of GitLab by 9.7% during the first quarter. Marcho Partners LLP now owns 1,266,640 shares of the company’s stock valued at $68,969,000 after purchasing an additional 112,018 shares during the last quarter. SQN Investors LP purchased a new stake in shares of GitLab during the first quarter valued at $58,657,000. Finally, Altimeter Capital Management LP lifted its holdings in shares of GitLab by 174.6% during the first quarter. Altimeter Capital Management LP now owns 961,206 shares of the company’s stock valued at $52,338,000 after purchasing an additional 611,206 shares during the last quarter. Institutional investors and hedge funds own 42.66% of the company’s stock.

GitLab Price Performance

Shares of GTLB stock opened at $37.84 on Wednesday. GitLab Inc. has a fifty-two week low of $30.74 and a fifty-two week high of $103.47. The stock’s 50-day moving average is $47.73 and its two-hundred day moving average is $50.91. The firm has a market cap of $5.63 billion and a P/E ratio of -24.89.

GitLab (NASDAQ:GTLBGet Rating) last issued its earnings results on Tuesday, September 6th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.08. GitLab had a negative return on equity of 20.93% and a negative net margin of 51.69%. The company had revenue of $101.00 million for the quarter, compared to analyst estimates of $94.44 million. GitLab’s revenue was up 73.8% on a year-over-year basis. As a group, research analysts expect that GitLab Inc. will post -1.4 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GTLB shares. Royal Bank of Canada upped their target price on GitLab from $66.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, August 18th. JPMorgan Chase & Co. started coverage on GitLab in a report on Thursday, September 1st. They set a “neutral” rating and a $63.00 target price for the company. Cowen upped their target price on GitLab to $70.00 in a report on Tuesday, September 6th. UBS Group increased their price objective on GitLab to $72.00 in a research note on Tuesday, September 6th. Finally, Moffett Nathanson started coverage on GitLab in a research note on Thursday, September 22nd. They issued a “buy” rating and a $104.00 price objective for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.46.

Insiders Place Their Bets

In other news, major shareholder 2021 Gp L.L.C. Gv bought 182,312 shares of the company’s stock in a transaction on Wednesday, November 9th. The shares were bought at an average cost of $34.60 per share, with a total value of $6,307,995.20. Following the transaction, the insider now directly owns 1,294,527 shares in the company, valued at approximately $44,790,634.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CRO Michael Eugene Mcbride sold 6,832 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $51.63, for a total transaction of $352,736.16. Following the transaction, the executive now owns 889,674 shares of the company’s stock, valued at approximately $45,933,868.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv acquired 182,312 shares of the stock in a transaction dated Wednesday, November 9th. The shares were bought at an average cost of $34.60 per share, for a total transaction of $6,307,995.20. Following the acquisition, the insider now owns 1,294,527 shares in the company, valued at approximately $44,790,634.20. The disclosure for this purchase can be found here. In the last three months, insiders have bought 661,702 shares of company stock valued at $23,399,217 and have sold 28,859 shares valued at $1,736,420. Insiders own 0.19% of the company’s stock.

About GitLab

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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.

See Also

Want to see what other hedge funds are holding GTLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GitLab Inc. (NASDAQ:GTLBGet Rating).

Institutional Ownership by Quarter for GitLab (NASDAQ:GTLB)

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