Altshuler Shaham Ltd Buys 1,450 Shares of GitLab Inc. (NASDAQ:GTLB)

Altshuler Shaham Ltd boosted its stake in GitLab Inc. (NASDAQ:GTLB) by 67.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,600 shares of the company’s stock after purchasing an additional 1,450 shares during the quarter. Altshuler Shaham Ltd’s holdings in GitLab were worth $179,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Sei Investments Co. grew its position in shares of GitLab by 520.2% during the 2nd quarter. Sei Investments Co. now owns 128,145 shares of the company’s stock worth $6,371,000 after buying an additional 107,483 shares during the period. Skandinaviska Enskilda Banken AB publ acquired a new position in GitLab during the second quarter valued at approximately $1,115,000. Canada Pension Plan Investment Board increased its stake in GitLab by 22.4% in the second quarter. Canada Pension Plan Investment Board now owns 390,200 shares of the company’s stock valued at $19,401,000 after purchasing an additional 71,400 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in GitLab in the second quarter worth $627,000. Finally, Blair William & Co. IL boosted its position in shares of GitLab by 1.9% during the second quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock worth $2,096,000 after purchasing an additional 769 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several research analyst reports. BTIG Research raised their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. DA Davidson reaffirmed a “neutral” rating and set a $50.00 price target on shares of GitLab in a research report on Thursday, August 29th. Royal Bank of Canada boosted their price objective on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. TD Cowen raised their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Bank of America upped their price target on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.05.

GitLab Trading Down 0.6 %

NASDAQ GTLB opened at $52.05 on Monday. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a 50 day moving average of $49.35 and a 200-day moving average of $51.64. The company has a market cap of $8.27 billion, a PE ratio of -18.93 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.29) earnings per share. As a group, sell-side analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the sale, the director now owns 7,040 shares in the company, valued at $311,731.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other GitLab news, CFO Brian G. Robins sold 23,334 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the completion of the sale, the chief financial officer now owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the transaction, the director now owns 7,040 shares in the company, valued at $311,731.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 133,115 shares of company stock worth $6,683,620. Insiders own 21.36% of the company’s stock.

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.