Acadian Asset Management LLC Has $907,000 Position in GitLab Inc. (NASDAQ:GTLB)

Acadian Asset Management LLC raised its holdings in GitLab Inc. (NASDAQ:GTLB) by 3,424.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,257 shares of the company’s stock after acquiring an additional 17,739 shares during the quarter. Acadian Asset Management LLC’s holdings in GitLab were worth $907,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GTLB. Charles Schwab Investment Management Inc. boosted its position in shares of GitLab by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after purchasing an additional 51,612 shares during the last quarter. Blair William & Co. IL boosted its holdings in GitLab by 55.3% during the first quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock worth $2,413,000 after buying an additional 14,738 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of GitLab during the 1st quarter worth about $58,000. Balyasny Asset Management L.P. increased its stake in shares of GitLab by 520.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock valued at $47,134,000 after acquiring an additional 627,999 shares during the last quarter. Finally, Comerica Bank raised its position in shares of GitLab by 2,076.2% in the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after acquiring an additional 63,323 shares during the period. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Trading Down 3.2 %

NASDAQ GTLB opened at $52.74 on Tuesday. The company has a market cap of $8.38 billion, a PE ratio of -19.18 and a beta of 0.44. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a 50 day moving average of $49.28 and a 200-day moving average of $52.07.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter last year, the firm posted ($0.29) EPS. The company’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 23,334 shares of GitLab stock in a transaction on Monday, July 1st. The stock was sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the completion of the sale, the chief financial officer now owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the sale, the director now owns 7,040 shares of the company’s stock, valued at $311,731.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 23,334 shares of GitLab stock in a transaction on Monday, July 1st. The stock was sold at an average price of $50.24, for a total value of $1,172,300.16. Following the sale, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The disclosure for this sale can be found here. Insiders sold 133,609 shares of company stock valued at $6,704,823 in the last quarter. 21.36% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GTLB. Barclays boosted their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Canaccord Genuity Group lowered their price objective on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. BTIG Research raised their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Mizuho decreased their target price on GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company boosted their target price on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $66.05.

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.