Caitong International Asset Management Co. Ltd Has $103,000 Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Caitong International Asset Management Co. Ltd lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 87.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,185 shares of the company’s stock after buying an additional 1,018 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in GitLab were worth $103,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GTLB. Raymond James Financial Inc. acquired a new position in shares of GitLab during the 4th quarter worth about $3,392,000. Treasurer of the State of North Carolina boosted its stake in shares of GitLab by 3.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 53,647 shares of the company’s stock worth $3,023,000 after buying an additional 1,880 shares during the last quarter. Barclays PLC boosted its stake in shares of GitLab by 8.5% during the 4th quarter. Barclays PLC now owns 66,629 shares of the company’s stock worth $3,754,000 after buying an additional 5,210 shares during the last quarter. Mariner LLC boosted its stake in shares of GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company’s stock worth $709,000 after buying an additional 214 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of GitLab by 6,045.0% during the 4th quarter. NewEdge Advisors LLC now owns 9,156 shares of the company’s stock worth $516,000 after buying an additional 9,007 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of recent research reports. Scotiabank reduced their price objective on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a research note on Friday, June 6th. JPMorgan Chase & Co. cut their target price on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research note on Wednesday, June 11th. Mizuho cut their target price on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, June 11th. KeyCorp cut their target price on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Finally, Macquarie reiterated an “outperform” rating and issued a $75.00 target price on shares of GitLab in a research note on Wednesday, June 25th. Five investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.63.

GitLab Trading Down 1.4%

Shares of GTLB opened at $40.95 on Friday. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The firm’s 50 day moving average is $44.12 and its 200-day moving average is $50.09. The stock has a market capitalization of $6.76 billion, a PE ratio of 409.50 and a beta of 0.73.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million for the quarter, compared to analysts’ expectations of $213.21 million. During the same period last year, the firm earned $0.03 earnings per share. The business’s revenue for the quarter was up 26.8% on a year-over-year basis. Equities research analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In other news, Director Matthew Jacobson sold 129,400 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the transaction, the director directly owned 551,997 shares of the company’s stock, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director directly owned 107,139 shares in the company, valued at $4,821,255. This represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 353,100 shares of company stock valued at $14,974,730. 16.37% of the stock is currently owned by company insiders.

About GitLab

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.