Brookstone Capital Management acquired a new stake in GitLab Inc. (NASDAQ:GTLB – Get Rating) in the second quarter, Holdings Channel.com reports. The firm acquired 4,600 shares of the company's stock, valued at approximately $266,000.
A number of other large investors also recently modified their holdings of GTLB. ICONIQ Capital LLC raised its stake in GitLab by 252.2% in the first quarter. ICONIQ Capital LLC now owns 9,773,455 shares of the company's stock valued at $532,164,000 after purchasing an additional 6,998,187 shares in the last quarter. BlackRock Inc. raised its stake in GitLab by 13.1% in the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company's stock valued at $153,635,000 after purchasing an additional 327,244 shares in the last quarter. T Ventures Management Co Ltd. purchased a new stake in GitLab in the fourth quarter valued at approximately $132,913,000. Marcho Partners LLP raised its stake in GitLab by 9.7% in the first quarter. Marcho Partners LLP now owns 1,266,640 shares of the company's stock valued at $68,969,000 after purchasing an additional 112,018 shares in the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in GitLab in the fourth quarter valued at approximately $99,875,000. 42.66% of the stock is currently owned by institutional investors.
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GitLab Stock Down 5.8 %
NASDAQ:GTLB opened at $47.90 on Friday. GitLab Inc. has a twelve month low of $30.74 and a twelve month high of $137.00. The stock has a market cap of $7.13 billion and a P/E ratio of -31.51. The firm's fifty day simple moving average is $59.31 and its 200 day simple moving average is $52.15.
GitLab (NASDAQ:GTLB – Get Rating) last announced its earnings results on Tuesday, September 6th. The company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.08. GitLab had a negative net
margin of 51.69% and a negative return on equity of 20.93%. The firm had revenue of $101.00 million for the quarter, compared to analysts' expectations of $94.44 million. The business's revenue for the quarter was up 73.8% on a year-over-year basis. On average, analysts expect that GitLab Inc. will post -1.4 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on GTLB. UBS Group raised their target price on shares of GitLab to $72.00 in a research note on Tuesday, September 6th. Royal Bank of Canada lifted their price target on shares of GitLab from $66.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, August 18th. Scotiabank began coverage on shares of GitLab in a research note on Wednesday, June 8th. They set an "outperform" rating and a $62.00 price target on the stock. Needham & Company LLC decreased their price target on shares of GitLab from $70.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, September 7th. Finally, Cowen lifted their price target on shares of GitLab to $70.00 in a research note on Tuesday, September 6th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $80.46.
Insider Activity
In other news, major shareholder August Capital Management Vii, sold 70,000 shares of the business's stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $56.57, for a total transaction of $3,959,900.00. Following the sale, the insider now owns 72,452 shares in the company, valued at approximately $4,098,609.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, major shareholder Howard Hartenbaum sold 18,453 shares of GitLab stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $64.63, for a total value of $1,192,617.39. Following the completion of the transaction, the insider now owns 150,000 shares of the company's stock, valued at approximately $9,694,500. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder August Capital Management Vii, sold 70,000 shares of GitLab stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $56.57, for a total value of $3,959,900.00. Following the completion of the transaction, the insider now directly owns 72,452 shares of the company's stock, valued at approximately $4,098,609.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 193,196 shares of company stock worth $11,762,380.
GitLab Profile
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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.
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