Tobam Has $617,000 Stock Position in GitLab Inc. (NASDAQ:GTLB)

Tobam cut its holdings in shares of GitLab Inc. (NASDAQ:GTLBFree Report) by 75.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,576 shares of the company’s stock after selling 32,894 shares during the quarter. Tobam’s holdings in GitLab were worth $617,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GTLB. Norges Bank acquired a new stake in GitLab during the 4th quarter worth about $222,591,000. 1832 Asset Management L.P. purchased a new stake in shares of GitLab during the 4th quarter worth about $76,918,000. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 1,070,994 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of GitLab by 520.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock valued at $47,134,000 after acquiring an additional 627,999 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of GitLab by 280.3% in the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after acquiring an additional 463,584 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of recent analyst reports. Barclays cut their price objective on GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Bank of America cut their price objective on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Citic Securities initiated coverage on GitLab in a research note on Monday, June 3rd. They issued a “buy” rating and a $80.00 price objective on the stock. Mizuho cut their price objective on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Finally, BTIG Research dropped their price target on GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $67.30.

Check Out Our Latest Stock Report on GitLab

GitLab Stock Up 0.0 %

GTLB traded up $0.02 during trading on Monday, hitting $52.60. The company’s stock had a trading volume of 66,927 shares, compared to its average volume of 2,606,812. The firm’s 50 day moving average price is $50.41 and its two-hundred day moving average price is $58.70. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of -19.12 and a beta of 0.46.

GitLab (NASDAQ:GTLBGet Free Report) last issued its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. On average, sell-side analysts forecast that GitLab Inc. will post -0.5 earnings per share for the current year.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Brian G. Robins sold 23,334 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the transaction, the chief financial officer now owns 282,441 shares in the company, valued at $14,189,835.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $54.92, for a total value of $3,075,520.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,429 shares of company stock worth $5,412,750. 21.36% of the stock is owned by insiders.

GitLab Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for GitLab (NASDAQ:GTLB)

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