GAMMA Investing LLC Boosts Stock Position in GitLab Inc. (NASDAQ:GTLB)

GAMMA Investing LLC boosted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 9,968.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,193 shares of the company’s stock after purchasing an additional 42,764 shares during the quarter. GAMMA Investing LLC’s holdings in GitLab were worth $2,030,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Swiss National Bank increased its holdings in GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after purchasing an additional 7,700 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares during the last quarter. Rhumbline Advisers increased its holdings in GitLab by 5.5% during the 4th quarter. Rhumbline Advisers now owns 150,312 shares of the company’s stock worth $8,470,000 after purchasing an additional 7,837 shares during the last quarter. Principal Securities Inc. increased its holdings in GitLab by 79.6% during the 4th quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock worth $303,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Truist Financial Corp increased its holdings in GitLab by 32.4% during the 4th quarter. Truist Financial Corp now owns 22,078 shares of the company’s stock worth $1,244,000 after purchasing an additional 5,406 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of GTLB opened at $41.23 on Friday. The company has a market cap of $6.76 billion, a P/E ratio of -128.84 and a beta of 0.75. The stock has a fifty day moving average price of $46.45 and a 200 day moving average price of $55.40. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. As a group, research analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GTLB shares. Canaccord Genuity Group dropped their price objective on GitLab from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday. BTIG Research lowered their price target on GitLab from $86.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada lowered their price target on GitLab from $68.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday. Robert W. Baird lowered their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Finally, Raymond James lowered their price target on GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average price target of $63.59.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the completion of the transaction, the director now owns 108,733 shares in the company, valued at approximately $5,608,448.14. The trade was a 2.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is owned by company insiders.

GitLab Company 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.