DekaBank Deutsche Girozentrale Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

DekaBank Deutsche Girozentrale raised its position in GitLab Inc. (NASDAQ:GTLB) by 69.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 220,227 shares of the company’s stock after acquiring an additional 90,365 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.14% of GitLab worth $12,899,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GTLB. Vanguard Group Inc. raised its position in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares during the last quarter. Capital Research Global Investors lifted its stake in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after acquiring an additional 3,096,437 shares during the period. Norges Bank bought a new stake in GitLab in the fourth quarter valued at $222,591,000. 1832 Asset Management L.P. purchased a new position in GitLab during the 4th quarter valued at $76,918,000. Finally, Fiera Capital Corp raised its holdings in GitLab by 0.5% in the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after purchasing an additional 5,446 shares in the last quarter. 91.72% of the stock is owned by institutional investors.

GitLab Price Performance

NASDAQ:GTLB traded down $0.75 during mid-day trading on Friday, reaching $47.71. The company’s stock had a trading volume of 2,229,864 shares, compared to its average volume of 2,350,985. The firm’s fifty day moving average price is $49.10 and its two-hundred day moving average price is $57.35. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. On average, analysts expect that GitLab Inc. will post -0.5 earnings per share for the current year.

Insider Activity

In related news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now owns 259,109 shares in the company, valued at approximately $12,758,527.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Merline Saintil sold 1,182 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total transaction of $60,884.82. Following the sale, the director now owns 9,902 shares of the company’s stock, valued at $510,052.02. The disclosure for this sale can be found here. Insiders have sold 140,275 shares of company stock valued at $6,848,847 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald reduced their price target on shares of GitLab from $70.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of GitLab in a report on Thursday, July 18th. JPMorgan Chase & Co. lowered their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. KeyCorp reduced their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of GitLab in a report on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $67.30.

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.