Skandinaviska Enskilda Banken AB publ Buys New Stake in GitLab Inc. (NASDAQ:GTLB)

Skandinaviska Enskilda Banken AB publ bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,409 shares of the company’s stock, valued at approximately $1,115,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after acquiring an additional 548 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in GitLab during the first quarter valued at approximately $58,000. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the first quarter valued at approximately $58,000. Quarry LP lifted its position in GitLab by 75.1% during the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after acquiring an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC purchased a new position in shares of GitLab in the fourth quarter worth $83,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Stock Up 2.2 %

Shares of NASDAQ GTLB opened at $53.18 on Tuesday. The company’s 50-day simple moving average is $49.44 and its 200-day simple moving average is $51.60. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of -19.34 and a beta of 0.44.

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 the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter last year, the business earned ($0.29) earnings per share. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. Equities research analysts anticipate that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,402 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $135,112.50. Following the transaction, the insider now owns 142,933 shares in the company, valued at $8,039,981.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,548 shares of company stock worth $6,759,283. 21.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GTLB. DA Davidson reaffirmed a “neutral” rating and issued a $50.00 price target on shares of GitLab in a report on Thursday, August 29th. Robert W. Baird raised their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Bank of America raised their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 price target on shares of GitLab in a report on Monday, August 19th. Finally, Wells Fargo & Company raised their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $66.05.

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.