Malaga Cove Capital LLC Invests $325,000 in GitLab Inc. (NASDAQ:GTLB)

Malaga Cove Capital LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,160 shares of the company’s stock, valued at approximately $325,000.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in GitLab by 6.8% during the third quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock worth $376,115,000 after acquiring an additional 530,702 shares during the last quarter. Invesco Ltd. grew its holdings in GitLab by 71.3% during the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after buying an additional 1,762,944 shares during the last quarter. Fiera Capital Corp increased its position in GitLab by 2.1% during the third quarter. Fiera Capital Corp now owns 1,194,371 shares of the company’s stock worth $54,009,000 after buying an additional 24,652 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of GitLab by 280.3% in the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock worth $28,443,000 after acquiring an additional 463,584 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of GitLab by 23.8% in the third quarter. Bank of New York Mellon Corp now owns 500,196 shares of the company’s stock valued at $22,619,000 after acquiring an additional 96,322 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Trading Up 0.2 %

GitLab stock traded up $0.12 during mid-day trading on Friday, reaching $54.54. The company’s stock had a trading volume of 1,345,857 shares, compared to its average volume of 1,584,828. GitLab Inc. has a twelve month low of $26.24 and a twelve month high of $78.53. The business has a 50 day moving average price of $58.26 and a 200-day moving average price of $58.49. The firm has a market cap of $8.65 billion, a price-to-earnings ratio of -19.83 and a beta of 0.49.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $163.80 million during the quarter, compared to the consensus estimate of $157.89 million. During the same quarter in the prior year, the firm earned ($0.26) EPS. The company’s revenue for the quarter was up 33.3% compared to the same quarter last year. On average, equities analysts expect that GitLab Inc. will post -0.96 EPS for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, insider Robin Schulman sold 30,543 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the sale, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,516,514.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other GitLab news, CAO Erin Mannix sold 958 shares of GitLab stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $59.53, for a total transaction of $57,029.74. Following the completion of the sale, the chief accounting officer now owns 74,908 shares of the company’s stock, valued at approximately $4,459,273.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 30,543 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the completion of the transaction, the insider now directly owns 60,132 shares in the company, valued at $4,516,514.52. The disclosure for this sale can be found here. Insiders have sold a total of 476,926 shares of company stock valued at $26,869,893 over the last ninety days. Corporate insiders own 28.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GTLB. Sanford C. Bernstein boosted their target price on shares of GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. DA Davidson cut their price target on GitLab from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Tuesday, March 5th. Canaccord Genuity Group restated a “buy” rating and set a $74.00 price objective on shares of GitLab in a report on Tuesday, March 5th. KeyCorp assumed coverage on GitLab in a research note on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 target price for the company. Finally, Truist Financial reissued a “buy” rating and issued a $80.00 price target on shares of GitLab in a research note on Monday, April 1st. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.