GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its holdings in GitLab Inc. (NASDAQ:GTLB) by 168.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,190,582 shares of the company’s stock after buying an additional 747,712 shares during the quarter. Renaissance Technologies LLC owned 0.75% of GitLab worth $59,196,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of GitLab in the 1st quarter valued at $58,000. Future Financial Wealth Managment LLC purchased a new position in GitLab in the 1st quarter worth about $58,000. Quarry LP raised 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 buying an additional 500 shares during the period. Finally, Tucker Asset Management LLC purchased a new stake in GitLab during the fourth quarter valued at about $83,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of recent analyst reports. TD Cowen boosted their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Canaccord Genuity Group reduced their target price on GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Robert W. Baird upped their price target on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, Mizuho decreased their price objective on GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.05.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 23,334 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $50.24, for a total value of $1,172,300.16. Following the completion of the sale, the chief financial officer now directly owns 282,441 shares in the company, valued at approximately $14,189,835.84. The disclosure for this sale can be found here. In the last three months, insiders sold 133,609 shares of company stock valued at $6,704,823. Company insiders own 21.36% of the company’s stock.

GitLab Stock Performance

GTLB opened at $51.63 on Wednesday. The company has a market cap of $8.20 billion, a PE ratio of -18.77 and a beta of 0.44. The stock has a 50-day moving average of $49.31 and a 200-day moving average of $51.91. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLB) last posted its earnings results 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. 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 analyst estimates of $176.86 million. During the same period in the previous year, the company earned ($0.29) EPS. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. On average, research analysts predict that GitLab Inc. will post -0.41 earnings per share for the current year.

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.