Iconiq Strategic Partners Iii, Sells 39,582 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) major shareholder Iconiq Strategic Partners Iii, sold 39,582 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $51.31, for a total transaction of $2,030,952.42. Following the completion of the sale, the insider now owns 1,298,646 shares in the company, valued at $66,633,526.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

GitLab Stock Down 2.3 %

Shares of GTLB stock opened at $48.80 on Friday. GitLab Inc. has a 12 month low of $26.24 and a 12 month high of $58.70. The firm has a market cap of $7.46 billion, a PE ratio of -38.43 and a beta of 0.18. The stock has a 50 day moving average of $48.29 and a 200-day moving average of $42.03.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The company had revenue of $139.58 million during the quarter, compared to analyst estimates of $129.81 million. During the same period in the previous year, the company earned ($0.40) earnings per share. The company’s quarterly revenue was up 38.1% compared to the same quarter last year. As a group, equities analysts predict that GitLab Inc. will post -1.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Scotiabank boosted their price objective on GitLab from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 6th. KeyCorp boosted their price objective on GitLab from $50.00 to $60.00 in a report on Tuesday, July 18th. Sanford C. Bernstein assumed coverage on GitLab in a report on Monday, September 11th. They set an “outperform” rating and a $62.00 price objective on the stock. Truist Financial boosted their price objective on GitLab from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 6th. Finally, UBS Group boosted their price objective on GitLab from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 6th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $62.06.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of GitLab by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock valued at $494,000 after purchasing an additional 257 shares in the last quarter. Osaic Holdings Inc. raised its stake in shares of GitLab by 5.7% in the second quarter. Osaic Holdings Inc. now owns 5,271 shares of the company’s stock valued at $269,000 after purchasing an additional 285 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of GitLab by 55.3% in the first quarter. First Horizon Advisors Inc. now owns 1,433 shares of the company’s stock valued at $49,000 after purchasing an additional 510 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of GitLab by 36.4% in the first quarter. Parallel Advisors LLC now owns 1,930 shares of the company’s stock valued at $66,000 after purchasing an additional 515 shares in the last quarter. Finally, Spouting Rock Asset Management LLC raised its stake in shares of GitLab by 7.0% in the first quarter. Spouting Rock Asset Management LLC now owns 8,041 shares of the company’s stock valued at $276,000 after purchasing an additional 526 shares in the last quarter. 54.15% of the stock is currently owned by institutional investors and hedge funds.

About GitLab

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.