Federated Hermes Inc. Boosts Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Federated Hermes Inc. lifted its position in shares of GitLab Inc. (NASDAQ:GTLB) by 10.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 308,859 shares of the company’s stock after buying an additional 28,431 shares during the period. Federated Hermes Inc. owned approximately 0.19% of GitLab worth $15,356,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. DekaBank Deutsche Girozentrale lifted its stake in shares of GitLab by 13.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 249,602 shares of the company’s stock valued at $12,306,000 after purchasing an additional 29,375 shares in the last quarter. Cornercap Investment Counsel Inc. purchased a new stake in GitLab during the second quarter worth approximately $588,000. Pier Capital LLC increased its position in shares of GitLab by 40.2% in the second quarter. Pier Capital LLC now owns 110,030 shares of the company’s stock worth $5,471,000 after acquiring an additional 31,571 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of GitLab in the second quarter worth $209,000. Finally, LGT Fund Management Co Ltd. purchased a new position in shares of GitLab in the 2nd quarter valued at $298,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GTLB. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. dropped their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. UBS Group increased their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. KeyCorp reduced their target price on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Finally, Wells Fargo & Company lifted their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $66.05.

Insider Activity

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

GitLab Stock Performance

Shares of GTLB stock opened at $52.74 on Tuesday. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53. The firm has a market capitalization of $8.38 billion, a PE ratio of -19.18 and a beta of 0.44. The stock has a fifty day moving average of $49.28 and a two-hundred day moving average of $52.07.

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

GitLab Company 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.