Insider Buying: GitLab Inc. (NASDAQ:GTLB) Major Shareholder Acquires 415,000 Shares of Stock

GitLab Inc. (NASDAQ:GTLB – Get Rating) major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the stock in a transaction that occurred on Monday, March 13th. The stock was bought at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the transaction, the insider now owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

GitLab Trading Up 5.3 %

GitLab stock opened at $35.22 on Friday. GitLab Inc. has a 12 month low of $30.92 and a 12 month high of $70.96. The stock’s 50 day moving average is $46.05 and its 200-day moving average is $46.99. The company has a market capitalization of $5.27 billion, a price-to-earnings ratio of -30.10 and a beta of -0.18.

GitLab (NASDAQ:GTLB – Get Rating) last posted its earnings results on Monday, March 13th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.11. GitLab had a negative return on equity of 23.18% and a negative net margin of 40.61%. The company had revenue of $122.90 million for the quarter, compared to the consensus estimate of $119.59 million. During the same quarter in the prior year, the business earned ($0.25) earnings per share. The firm’s revenue for the quarter was up 58.0% on a year-over-year basis. As a group, equities research analysts predict that GitLab Inc. will post -1.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. FBN Securities assumed coverage on GitLab in a research report on Monday, January 23rd. They issued an “outperform” rating and a $60.00 target price on the stock. Truist Financial lowered their target price on GitLab from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday. Royal Bank of Canada lowered their target price on GitLab from $60.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday. Needham & Company LLC downgraded GitLab from a “buy” rating to a “hold” rating in a research report on Friday, February 10th. Finally, Barclays lowered their price target on GitLab from $65.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.50.

Institutional Investors Weigh In On GitLab

A number of large investors have recently added to or reduced their stakes in GTLB. Raymond James & Associates grew its position in GitLab by 62.6% during the first quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock worth $234,000 after buying an additional 1,652 shares in the last quarter. Bank of New York Mellon Corp grew its position in GitLab by 3,816.3% during the first quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock worth $9,930,000 after buying an additional 177,687 shares in the last quarter. BlackRock Inc. grew its position in GitLab by 13.1% during the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock worth $153,635,000 after buying an additional 327,244 shares in the last quarter. Blair William & Co. IL grew its position in GitLab by 229.4% during the first quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock worth $1,857,000 after buying an additional 23,746 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in GitLab during the first quarter worth approximately $1,634,000. Institutional investors and hedge funds own 48.99% of the company’s stock.

GitLab Company Profile

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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.