Park Avenue Securities LLC Acquires 311 Shares of GitLab Inc. (NASDAQ:GTLB)

Park Avenue Securities LLC lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 9.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,544 shares of the company’s stock after acquiring an additional 311 shares during the period. Park Avenue Securities LLC’s holdings in GitLab were worth $207,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Fiera Capital Corp lifted its holdings in shares of GitLab by 0.5% in the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock valued at $75,540,000 after acquiring an additional 5,446 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of GitLab by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after acquiring an additional 51,612 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of GitLab in the 1st quarter valued at about $58,000. Balyasny Asset Management L.P. lifted its holdings in shares of GitLab by 520.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock valued at $47,134,000 after acquiring an additional 627,999 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of GitLab by 280.3% in the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after acquiring an additional 463,584 shares during the last quarter. Institutional investors own 91.72% of the company’s stock.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the sale, the chief financial officer now directly owns 293,508 shares in the company, valued at $13,342,873.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The disclosure for this sale can be found here. Insiders sold a total of 105,429 shares of company stock worth $5,412,750 over the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab Stock Performance

NASDAQ GTLB opened at $51.75 on Wednesday. The company has a market cap of $8.22 billion, a PE ratio of -18.82 and a beta of 0.45. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53. The firm’s 50 day moving average price is $50.59 and its 200-day moving average price is $58.90.

GitLab (NASDAQ:GTLB) last announced its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.09. The company had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. On average, analysts forecast that GitLab Inc. will post -0.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a research report on Friday, June 28th. Truist Financial reissued a “buy” rating and issued a $80.00 price objective on shares of GitLab in a research report on Monday, April 1st. Bank of America reduced their price objective on shares of GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Citic Securities assumed coverage on shares of GitLab in a research report on Monday, June 3rd. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, Cantor Fitzgerald reduced their price objective on shares of GitLab from $70.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $67.30.

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.