GitLab Inc. (NASDAQ:GTLB) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB grew its position in shares of GitLab Inc. (NASDAQ:GTLB) by 18.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,800 shares of the company’s stock after purchasing an additional 5,800 shares during the quarter. Handelsbanken Fonder AB’s holdings in GitLab were worth $1,730,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in GitLab during the 4th quarter worth approximately $279,089,000. Ameriprise Financial Inc. boosted its holdings in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the period. Alliancebernstein L.P. grew its position in shares of GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of GitLab by 572.3% in the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after acquiring an additional 931,396 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Down 5.7%

NASDAQ:GTLB opened at $41.23 on Friday. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The stock has a fifty day simple moving average of $46.45 and a 200-day simple moving average of $55.34. The company has a market capitalization of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating and set a $85.00 price target on shares of GitLab in a research note on Wednesday. DA Davidson lowered their price target on GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. KeyCorp dropped their price target on GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. UBS Group decreased their price objective on GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Barclays dropped their target price on GitLab from $58.00 to $47.00 and set an “equal weight” rating on the stock in a report on Wednesday. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.59.

Insider Buying and Selling

In related news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director now owns 111,983 shares of the company’s stock, valued at approximately $5,039,235. The trade was a 2.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer now owns 344,105 shares in the company, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock worth $23,192,574 in the last ninety days. Insiders own 16.37% of the company’s stock.

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.