Adirondack Retirement Specialists Inc. Acquires 16,475 Shares of GitLab Inc. (NASDAQ:GTLB)

Adirondack Retirement Specialists Inc. boosted its position in shares of GitLab Inc. (NASDAQ:GTLB – Get Rating) by 50.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,346 shares of the company’s stock after buying an additional 16,475 shares during the period. GitLab makes up approximately 2.3% of Adirondack Retirement Specialists Inc.’s investment portfolio, making the stock its 10th largest position. Adirondack Retirement Specialists Inc.’s holdings in GitLab were worth $2,242,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of GTLB. Exchange Traded Concepts LLC bought a new position in shares of GitLab in the fourth quarter worth about $30,000. First Horizon Advisors Inc. bought a new position in GitLab in the 3rd quarter valued at approximately $47,000. Lazard Asset Management LLC bought a new position in GitLab in the 1st quarter valued at approximately $47,000. UMB Bank n.a. increased its position in GitLab by 25.8% during the 4th quarter. UMB Bank n.a. now owns 1,318 shares of the company’s stock valued at $60,000 after purchasing an additional 270 shares during the period. Finally, Parallel Advisors LLC increased its position in GitLab by 26.7% during the 4th quarter. Parallel Advisors LLC now owns 1,415 shares of the company’s stock valued at $64,000 after purchasing an additional 298 shares during the period. 48.99% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $32.67 on Monday. GitLab Inc. has a 1-year low of $26.24 and a 1-year high of $70.96. The business has a fifty day moving average price of $32.76 and a 200-day moving average price of $40.64. The company has a market capitalization of $4.96 billion, a PE ratio of -27.92 and a beta of -0.31.

GitLab (NASDAQ:GTLB – Get Rating) last posted its quarterly earnings results on Monday, March 13th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.11. The company had revenue of $122.90 million for the quarter, compared to analysts’ expectations of $119.59 million. GitLab had a negative return on equity of 23.15% and a negative net margin of 40.61%. The firm’s revenue was up 58.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.25) EPS. On average, sell-side analysts anticipate that GitLab Inc. will post -0.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GTLB. FBN Securities began coverage on shares of GitLab in a research report on Monday, January 23rd. They set an “outperform” rating and a $60.00 price objective for the company. DA Davidson began coverage on shares of GitLab in a research report on Tuesday, May 9th. They issued a “neutral” rating and a $30.00 price target for the company. Needham & Company LLC downgraded shares of GitLab from a “buy” rating to a “hold” rating in a research report on Friday, February 10th. Piper Sandler reduced their price target on shares of GitLab from $58.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, March 14th. Finally, Royal Bank of Canada dropped their price objective on GitLab from $60.00 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 14th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.35.

Insiders Place Their Bets

In other news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the stock in a transaction on Monday, March 13th. The stock was acquired at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the acquisition, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other GitLab news, CRO Michael Eugene Mcbride sold 3,900 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $30.30, for a total transaction of $118,170.00. Following the transaction, the executive now owns 847,698 shares in the company, valued at $25,685,249.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The stock was bought at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the acquisition, the insider now owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 732,217 shares of company stock worth $21,135,371 and sold 8,694 shares worth $276,864. Company insiders own 0.19% 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.