GitLab Inc. (NASDAQ:GTLB) Stock Position Lowered by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. lessened its position in GitLab Inc. (NASDAQ:GTLB) by 38.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,952 shares of the company’s stock after selling 4,399 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in GitLab were worth $438,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in GTLB. FMR LLC lifted its position in shares of GitLab by 80.0% in the 3rd quarter. FMR LLC now owns 603 shares of the company’s stock valued at $27,000 after acquiring an additional 268 shares in the last quarter. Ossiam purchased a new stake in GitLab in the 1st quarter worth approximately $27,000. Quarry LP purchased a new stake in GitLab in the 2nd quarter worth approximately $30,000. Ramirez Asset Management Inc. purchased a new stake in GitLab in the 3rd quarter worth approximately $36,000. Finally, SRS Capital Advisors Inc. purchased a new stake in GitLab in the 3rd quarter worth approximately $40,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 15,712 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total transaction of $1,178,714.24. Following the completion of the transaction, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,511,102.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Robin Schulman sold 15,712 shares of GitLab stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total transaction of $1,178,714.24. Following the completion of the transaction, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,511,102.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $54.92, for a total transaction of $3,075,520.00. The disclosure for this sale can be found here. In the last three months, insiders sold 567,638 shares of company stock valued at $33,342,857. Company insiders own 28.04% of the company’s stock.

GitLab Price Performance

Shares of GitLab stock opened at $51.49 on Friday. GitLab Inc. has a fifty-two week low of $26.24 and a fifty-two week high of $78.53. The firm has a fifty day moving average price of $61.68 and a two-hundred day moving average price of $58.01. The company has a market cap of $8.17 billion, a PE ratio of -18.72 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The firm had revenue of $163.80 million during the quarter, compared to the consensus estimate of $157.89 million. During the same period in the prior year, the firm earned ($0.26) EPS. The business’s revenue was up 33.3% on a year-over-year basis. Analysts expect that GitLab Inc. will post -0.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GTLB. Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 5th. Bank of America cut their target price on shares of GitLab from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Wells Fargo & Company assumed coverage on shares of GitLab in a research note on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price target on the stock. Wolfe Research upgraded shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a research note on Wednesday, March 6th. Finally, Mizuho dropped their price target on shares of GitLab from $87.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.73.

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.