Sei Investments Co. Buys 107,483 Shares of GitLab Inc. (NASDAQ:GTLB)

Sei Investments Co. boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 520.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 128,145 shares of the company’s stock after purchasing an additional 107,483 shares during the quarter. Sei Investments Co. owned 0.08% of GitLab worth $6,371,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC raised its position in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the 1st quarter worth approximately $58,000. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab during the 1st quarter worth approximately $58,000. Quarry LP increased its position in shares of GitLab by 75.1% during the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares during the period. Finally, Tucker Asset Management LLC acquired a new position in shares of GitLab in the fourth quarter valued at $83,000. 91.72% of the stock is owned by institutional investors.

Insider Buying and Selling

In other GitLab news, Director Merline Saintil sold 1,182 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total transaction of $60,884.82. Following the transaction, the director now directly owns 9,902 shares in the company, valued at approximately $510,052.02. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other GitLab news, Director Karen Blasing sold 4,430 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $249,187.50. Following the transaction, the director now directly owns 150,983 shares of the company’s stock, valued at $8,492,793.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Merline Saintil sold 1,182 shares of GitLab stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the sale, the director now directly owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The disclosure for this sale can be found here. Insiders sold a total of 108,947 shares of company stock worth $5,481,851 over the last three months. 21.36% of the stock is currently owned by company insiders.

GitLab Price Performance

GTLB opened at $51.54 on Tuesday. The stock has a market capitalization of $8.19 billion, a P/E ratio of -18.74 and a beta of 0.44. The company’s 50 day simple moving average is $49.35 and its 200-day simple moving average is $51.46. GitLab Inc. has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the company earned ($0.29) EPS. As a group, analysts anticipate that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. DA Davidson reiterated a “neutral” rating and set a $50.00 price target on shares of GitLab in a research note on Thursday, August 29th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. TD Cowen upped their target price on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Scotiabank raised their price target on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. Finally, Canaccord Genuity Group lowered their price objective on GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.05.

GitLab 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.