GitLab Inc. (NASDAQ:GTLB) Shares Sold by Seven Eight Capital LP

Seven Eight Capital LP trimmed its position in GitLab Inc. (NASDAQ:GTLB) by 70.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,293 shares of the company’s stock after selling 29,706 shares during the quarter. Seven Eight Capital LP’s holdings in GitLab were worth $717,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after acquiring an additional 1,070,994 shares in the last quarter. Norges Bank acquired a new stake in GitLab during the 4th quarter worth $222,591,000. 1832 Asset Management L.P. acquired a new stake in GitLab during the 4th quarter worth $76,918,000. Fiera Capital Corp raised its stake in GitLab by 0.5% during the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after acquiring an additional 5,446 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in GitLab during the 1st quarter worth $49,196,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the transaction, the chief financial officer now owns 305,175 shares in the company, valued at $13,293,423. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Karen Blasing sold 4,430 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $249,187.50. Following the completion of the transaction, the director now owns 150,983 shares of the company’s stock, valued at $8,492,793.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the transaction, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at approximately $13,293,423. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,943 shares of company stock worth $5,699,980. Insiders own 21.36% of the company’s stock.

GitLab Stock Performance

GTLB stock traded up $1.51 during trading on Tuesday, reaching $55.05. 2,509,263 shares of the company were exchanged, compared to its average volume of 2,640,674. The company has a market cap of $8.75 billion, a P/E ratio of -20.02 and a beta of 0.45. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53. The stock’s 50 day moving average price is $50.03 and its 200 day moving average price is $57.89.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. The firm had revenue of $169.19 million for the quarter, compared to the consensus estimate of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. As a group, equities research analysts forecast that GitLab Inc. will post -0.5 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Truist Financial reiterated a “buy” rating and set a $80.00 price target on shares of GitLab in a research note on Monday, April 1st. BTIG Research lowered their price objective on shares of GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Wells Fargo & Company initiated coverage on shares of GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price objective on the stock. Citic Securities initiated coverage on shares of GitLab in a research report on Monday, June 3rd. They set a “buy” rating and a $80.00 price objective on the stock. Finally, Barclays lowered their price objective on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $67.30.

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.