Granite Investment Partners LLC Acquires New Position in GitLab Inc. $GTLB

Granite Investment Partners LLC bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 89,382 shares of the company’s stock, valued at approximately $4,032,000. Granite Investment Partners LLC owned 0.05% of GitLab at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Twin Tree Management LP acquired a new position in GitLab during the first quarter worth $29,000. Harbour Investments Inc. lifted its holdings in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock valued at $42,000 after acquiring an additional 734 shares during the period. Manchester Capital Management LLC purchased a new stake in shares of GitLab during the 2nd quarter worth $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of GitLab during the 2nd quarter worth $56,000. Finally, Byrne Asset Management LLC purchased a new position in shares of GitLab in the 2nd quarter valued at about $61,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $50.14, for a total transaction of $5,445,204.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Simon Mundy sold 5,191 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $43.99, for a total transaction of $228,352.09. Following the completion of the transaction, the chief accounting officer directly owned 53,507 shares of the company’s stock, valued at approximately $2,353,772.93. This represents a 8.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,329,712 shares of company stock worth $64,154,795. Corporate insiders own 21.36% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on GTLB shares. Cantor Fitzgerald reissued an “overweight” rating on shares of GitLab in a report on Monday. Mizuho lowered GitLab from an “outperform” rating to a “neutral” rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of GitLab in a research note on Thursday, September 4th. Macquarie reaffirmed an “outperform” rating and set a $75.00 price objective on shares of GitLab in a report on Thursday, September 4th. Finally, Raymond James Financial lowered their target price on GitLab from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.87.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $43.37 on Wednesday. The business’s fifty day moving average price is $45.54 and its two-hundred day moving average price is $45.59. The stock has a market cap of $7.23 billion, a PE ratio of -1,084.25 and a beta of 0.75. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Wednesday, September 3rd. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.19). The company had revenue of $236.00 million during the quarter, compared to analysts’ expectations of $227.20 million. GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. The firm’s revenue was up 29.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. As a group, equities research analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

About GitLab

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.