Eventide Asset Management LLC Trims Position in GitLab Inc. (NASDAQ:GTLB)

Eventide Asset Management LLC lowered its holdings in GitLab Inc. (NASDAQ:GTLB) by 95.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,729 shares of the company’s stock after selling 939,044 shares during the period. Eventide Asset Management LLC’s holdings in GitLab were worth $2,151,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GTLB. DNB Asset Management AS purchased a new position in shares of GitLab during the 2nd quarter worth about $37,851,000. Renaissance Technologies LLC grew its holdings in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares during the period. Primecap Management Co. CA increased its position in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after purchasing an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in GitLab during the third quarter worth approximately $30,827,000. Finally, William Blair Investment Management LLC acquired a new position in shares of GitLab in the 2nd quarter valued at $16,071,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GTLB. Barclays upped their price objective on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. Bank of America upped their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Scotiabank lifted their price objective on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Wednesday, September 4th. TD Cowen increased their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Morgan Stanley began coverage on shares of GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus target price of $67.17.

Insider Transactions at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,033 shares of company stock valued at $10,569,356. Insiders own 21.36% of the company’s stock.

GitLab Stock Down 0.1 %

GTLB stock opened at $63.75 on Friday. The stock’s 50 day moving average is $56.60 and its two-hundred day moving average is $51.97. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The company has a market capitalization of $10.23 billion, a PE ratio of -27.24 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the previous year, the firm earned ($0.29) earnings per share. The business’s revenue was up 30.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that GitLab Inc. will post -0.41 EPS for the current 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.