Sycomore Asset Management Purchases 34,183 Shares of GitLab Inc. (NASDAQ:GTLB)

Sycomore Asset Management raised its position in shares of GitLab Inc. (NASDAQ:GTLB) by 262.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,183 shares of the company’s stock after acquiring an additional 34,183 shares during the period. Sycomore Asset Management’s holdings in GitLab were worth $3,026,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of GTLB. Invesco Ltd. boosted its stake in shares of GitLab by 71.3% during the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after purchasing an additional 1,762,944 shares during the period. Vanguard Group Inc. boosted its stake in shares of GitLab by 6.8% during the third quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock valued at $376,115,000 after purchasing an additional 530,702 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of GitLab during the third quarter valued at $21,385,000. Wellington Management Group LLP boosted its stake in shares of GitLab by 280.3% during the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after purchasing an additional 463,584 shares during the period. Finally, CloudAlpha Capital Management Limited Hong Kong boosted its stake in shares of GitLab by 108.4% during the fourth quarter. CloudAlpha Capital Management Limited Hong Kong now owns 388,700 shares of the company’s stock valued at $24,473,000 after purchasing an additional 202,200 shares during the period. Institutional investors own 91.72% of the company’s stock.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $53.59, for a total transaction of $12,325,700.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other GitLab news, Director Sundeep Bedi sold 9,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $58.64, for a total value of $527,760.00. Following the transaction, the director now owns 8,369 shares in the company, valued at approximately $490,758.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 230,000 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00. The disclosure for this sale can be found here. Insiders have sold 492,638 shares of company stock worth $28,048,607 in the last quarter. Corporate insiders own 28.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GTLB shares. KeyCorp started coverage on shares of GitLab in a research note on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 price objective for the company. Raymond James raised shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research note on Friday, April 12th. Mizuho lowered their price objective on shares of GitLab from $87.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. TD Cowen lowered their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Tuesday, March 5th. Finally, Capital One Financial initiated coverage on shares of GitLab in a report on Friday, March 22nd. They issued an “overweight” rating and a $72.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.73.

GitLab Trading Up 0.5 %

GitLab stock traded up $0.30 during mid-day trading on Wednesday, hitting $56.38. The company had a trading volume of 1,646,833 shares, compared to its average volume of 2,615,464. GitLab Inc. has a 12-month low of $26.24 and a 12-month high of $78.53. The company’s fifty day moving average is $60.59 and its 200-day moving average is $58.21. The company has a market capitalization of $8.94 billion, a price-to-earnings ratio of -20.50 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The business had revenue of $163.80 million for the quarter, compared to analyst estimates of $157.89 million. During the same quarter in the prior year, the firm posted ($0.26) EPS. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. As a group, sell-side analysts expect that GitLab Inc. will post -0.96 EPS for the current fiscal year.

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.