Alphabet Bought The Dip In GitLab Stock After Earnings: The Details

GitLab Inc GTLB shares are rising Thursday, continuing to stage a comeback after diving on earnings earlier this week. It turns out Alphabet Inc GOOG was among the dip buyers.

What To Know: GitLab shares fell nearly 30% Tuesday on the heels of weak revenue guidance from the development, security and operations platform company. 

Several analysts lowered price targets on the stock following the report, but that didn't deter Google from stepping in and taking a position. 

Related Link: 3 Gitlab Analysts React To Q4 Print As Stock Drops 28% On Tuesday

According to a regulatory filing released late Wednesday, Alphabet bought 639,207 shares this week at an average price of $29.71, establishing a new position in the software company. 

The tech giant started buying in extended trading Monday right after shares tanked and traded down to around $28 per share. Alphabet continued its buying spree on Tuesday as shares climbed back above the $30 level. 

GitLab operates a comprehensive DevSecOps platform that empowers organizations to maximize the overall return on software development by delivering software faster and efficiently, while strengthening security and compliance. 

See Also: What Went Wrong With Google Glass Enterprise? Inside Look At The Discontinued AR Project

GTLB Price Action: GitLab made new 52-week lows this week. 

The stock has since recovered and was up 5.08% at $35.15 at the time of writing, according to Benzinga Pro.

Photo: Hebi B from Pixabay.

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