Skandinaviska Enskilda Banken AB publ Takes $1.12 Million Position in GitLab Inc. (NASDAQ:GTLB)

Skandinaviska Enskilda Banken AB publ acquired a new stake in GitLab Inc. (NASDAQ:GTLB) in the second quarter, Holdings Channel reports. The firm acquired 22,409 shares of the company’s stock, valued at approximately $1,115,000.

A number of other institutional investors have also recently made changes to their positions in GTLB. Teacher Retirement System of Texas grew its holdings in shares of GitLab by 12.9% in the fourth quarter. Teacher Retirement System of Texas now owns 6,324 shares of the company’s stock valued at $398,000 after purchasing an additional 722 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of GitLab by 5.3% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock valued at $346,000 after purchasing an additional 276 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of GitLab by 7.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 31,237 shares of the company’s stock valued at $1,967,000 after purchasing an additional 2,069 shares in the last quarter. Assetmark Inc. grew its holdings in shares of GitLab by 35.3% in the fourth quarter. Assetmark Inc. now owns 22,582 shares of the company’s stock valued at $1,422,000 after purchasing an additional 5,890 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of GitLab by 6.9% in the fourth quarter. Hsbc Holdings PLC now owns 19,807 shares of the company’s stock valued at $1,257,000 after purchasing an additional 1,286 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GTLB shares. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, June 4th. UBS Group boosted their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Bank of America boosted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. KeyCorp lowered their price target on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Finally, Wells Fargo & Company boosted their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Four investment 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, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $66.05.

GitLab Price Performance

GTLB stock opened at $53.18 on Tuesday. The company has a fifty day moving average price of $49.44 and a 200 day moving average price of $51.60. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The company has a market cap of $8.45 billion, a price-to-earnings ratio of -19.34 and a beta of 0.44.

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

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total transaction of $58,848.12. Following the transaction, the director now owns 7,040 shares of the company’s stock, valued at approximately $311,731.20. The disclosure for this sale can be found here. Insiders sold a total of 134,548 shares of company stock worth $6,759,283 in the last 90 days. 21.36% of the stock is owned by insiders.

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.