Glynn Capital Management LLC Lowers Stock Position in GitLab Inc. (NASDAQ:GTLB)

Glynn Capital Management LLC lessened its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 3.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 416,925 shares of the company’s stock after selling 14,430 shares during the quarter. GitLab accounts for about 4.2% of Glynn Capital Management LLC’s holdings, making the stock its 12th biggest holding. Glynn Capital Management LLC owned approximately 0.26% of GitLab worth $20,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of GTLB. Vanguard Group Inc. lifted its position in shares of GitLab by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Capital Research Global Investors raised its holdings in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after acquiring an additional 3,096,437 shares in the last quarter. Norges Bank acquired a new stake in GitLab in the fourth quarter valued at approximately $222,591,000. Fiera Capital Corp raised its holdings in GitLab by 1.2% in the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock valued at $61,776,000 after acquiring an additional 14,687 shares in the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in GitLab in the fourth quarter valued at approximately $76,918,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Price Performance

Shares of GitLab stock opened at $54.47 on Thursday. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53. The business has a 50 day moving average price of $48.86 and a 200 day moving average price of $53.12. The company has a market capitalization of $8.66 billion, a P/E ratio of -19.76 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The business’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.29) earnings per share. As a group, research analysts expect that GitLab Inc. will post -0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares of the company’s stock, valued at approximately $13,342,873.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. Insiders have sold 140,275 shares of company stock valued at $6,848,847 in the last ninety days. Insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a report on Wednesday. BTIG Research raised their target price on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. Baird R W raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Royal Bank of Canada raised their price objective on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Scotiabank raised their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $65.63.

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.