CloudAlpha Capital Management Limited Hong Kong Raises Stake in GitLab Inc. (NASDAQ:GTLB)

CloudAlpha Capital Management Limited Hong Kong grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 108.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 388,700 shares of the company’s stock after acquiring an additional 202,200 shares during the quarter. GitLab accounts for approximately 2.3% of CloudAlpha Capital Management Limited Hong Kong’s holdings, making the stock its 11th biggest holding. CloudAlpha Capital Management Limited Hong Kong owned approximately 0.25% of GitLab worth $24,473,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. 1832 Asset Management L.P. raised its position in GitLab by 152.1% in the 4th quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock worth $179,588,000 after purchasing an additional 2,384,500 shares during the period. Vanguard Group Inc. grew its stake in shares of GitLab by 73.8% during the third quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock valued at $238,132,000 after buying an additional 1,973,796 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of GitLab by 7,180.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock worth $102,298,000 after buying an additional 1,898,622 shares during the period. Invesco Ltd. lifted its stake in shares of GitLab by 71.3% in the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after acquiring an additional 1,762,944 shares during the last quarter. Finally, Norges Bank purchased a new stake in GitLab during the 4th quarter valued at about $71,823,000. 91.72% of the stock is currently owned by institutional investors.

Insider Transactions at GitLab

In related news, insider Robin Schulman sold 15,712 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total value of $1,178,714.24. Following the completion of the transaction, the insider now owns 60,132 shares of the company’s stock, valued at approximately $4,511,102.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other GitLab news, insider Robin Schulman sold 15,712 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $75.02, for a total value of $1,178,714.24. Following the completion of the transaction, the insider now directly owns 60,132 shares in the company, valued at approximately $4,511,102.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 75,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $70.59, for a total transaction of $5,294,250.00. Following the sale, the chief financial officer now directly owns 332,300 shares of the company’s stock, valued at $23,457,057. The disclosure for this sale can be found here. Insiders have sold 511,638 shares of company stock valued at $30,267,337 over the last quarter. 28.04% of the stock is currently owned by company insiders.

GitLab Stock Down 0.6 %

GitLab stock traded down $0.35 during midday trading on Wednesday, reaching $53.51. 1,076,153 shares of the company traded hands, compared to its average volume of 2,669,130. GitLab Inc. has a 12 month low of $26.24 and a 12 month high of $78.53. The business has a 50 day moving average of $63.06 and a two-hundred day moving average of $57.93.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The firm had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. During the same quarter in the prior year, the business earned ($0.26) EPS. The business’s quarterly revenue was up 33.3% on a year-over-year basis. Research analysts anticipate that GitLab Inc. will post -0.96 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on GTLB. Cantor Fitzgerald decreased their price target on GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 5th. Capital One Financial started coverage on shares of GitLab in a report on Friday, March 22nd. They set an “overweight” rating and a $72.00 price target for the company. Sanford C. Bernstein raised their price target on shares of GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Truist Financial reaffirmed a “buy” rating and set a $80.00 price objective on shares of GitLab in a research note on Monday, April 1st. Finally, TD Cowen cut their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.73.

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.