18,139 Shares in GitLab Inc. (NASDAQ:GTLB) Purchased by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI acquired a new stake in GitLab Inc. (NASDAQ:GTLB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,139 shares of the company’s stock, valued at approximately $902,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its holdings in shares of GitLab by 4.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company’s stock valued at $5,593,000 after buying an additional 5,078 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in GitLab by 37.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,235 shares of the company’s stock valued at $1,056,000 after acquiring an additional 5,786 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of GitLab during the 2nd quarter worth $16,071,000. Federated Hermes Inc. grew its stake in shares of GitLab by 10.1% during the 2nd quarter. Federated Hermes Inc. now owns 308,859 shares of the company’s stock worth $15,356,000 after purchasing an additional 28,431 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of GitLab by 13.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 249,602 shares of the company’s stock valued at $12,306,000 after purchasing an additional 29,375 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the topic of several recent analyst reports. Barclays upped their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Needham & Company LLC reissued a “hold” rating on shares of GitLab in a report on Wednesday, September 4th. Robert W. Baird lifted their price target on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price objective on shares of GitLab in a research report on Monday, August 19th. Finally, Royal Bank of Canada raised their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.05.

GitLab Stock Performance

GTLB opened at $51.63 on Wednesday. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53. The firm has a 50 day moving average price of $49.31 and a 200 day moving average price of $51.91. The company has a market cap of $8.20 billion, a PE ratio of -18.77 and a beta of 0.44.

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

Insider Transactions at GitLab

In related news, Director Merline Saintil sold 1,329 shares of the stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the completion of the transaction, the director now owns 7,040 shares of the company’s stock, valued at $311,731.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Merline Saintil sold 1,329 shares of the business’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 completion of the sale, the director now directly owns 7,040 shares in the company, valued at approximately $311,731.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 133,609 shares of company stock valued at $6,704,823. 21.36% of the stock is currently owned by insiders.

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.