Park Avenue Securities LLC Boosts Holdings in GitLab Inc. (NASDAQ:GTLB)

Park Avenue Securities LLC increased its position in GitLab Inc. (NASDAQ:GTLB) by 21.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,995 shares of the company’s stock after purchasing an additional 887 shares during the quarter. Park Avenue Securities LLC’s holdings in GitLab were worth $257,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in GitLab by 2,107.7% in the 1st 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. Future Financial Wealth Managment LLC purchased a new position in GitLab in the first quarter valued at about $58,000. Banque Cantonale Vaudoise acquired a new stake in GitLab during the 1st quarter valued at approximately $58,000. Quarry LP increased its holdings in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after purchasing an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC acquired a new position in shares of GitLab in the 4th quarter valued at approximately $83,000. 91.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GTLB. Bank of America lifted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 target price on shares of GitLab in a research note on Monday, August 19th. Royal Bank of Canada lifted their price target on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Barclays upped their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Finally, DA Davidson reiterated a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research report on Thursday, August 29th. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $66.22.

GitLab Price Performance

Shares of GitLab stock opened at $54.73 on Monday. GitLab Inc. has a 1-year low of $40.19 and a 1-year high of $78.53. The company has a market capitalization of $8.70 billion, a P/E ratio of -19.90 and a beta of 0.46. The business’s fifty day moving average price is $49.25 and its two-hundred day moving average price is $51.05.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.29) earnings per share. On average, research analysts expect that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, insider Robin Schulman sold 2,402 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $135,112.50. Following the completion of the sale, the insider now directly owns 142,933 shares in the company, valued at $8,039,981.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robin Schulman sold 2,402 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $135,112.50. Following the sale, the insider now directly owns 142,933 shares of the company’s stock, valued at approximately $8,039,981.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,255 shares of company stock worth $2,667,852 over the last quarter. 21.36% of the stock is currently owned by company insiders.

GitLab Company 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.