GitLab Inc. $GTLB Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. decreased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 14.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,980 shares of the company’s stock after selling 1,024 shares during the quarter. Advisors Asset Management Inc.’s holdings in GitLab were worth $281,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Amundi increased its stake in GitLab by 45.0% during the 1st quarter. Amundi now owns 894,156 shares of the company’s stock valued at $42,025,000 after purchasing an additional 277,350 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of GitLab in the 1st quarter valued at $214,000. Twin Tree Management LP purchased a new stake in shares of GitLab in the 1st quarter valued at $29,000. Magnetar Financial LLC purchased a new stake in shares of GitLab in the 1st quarter valued at $2,235,000. Finally, Driehaus Capital Management LLC purchased a new stake in shares of GitLab in the 1st quarter valued at $39,976,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling at GitLab

In other GitLab news, Director Matthew Jacobson sold 143,205 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $46.80, for a total transaction of $6,701,994.00. Following the completion of the transaction, the director owned 498,098 shares of the company’s stock, valued at $23,310,986.40. This represents a 22.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director directly owned 103,889 shares of the company’s stock, valued at $4,675,005. The trade was a 3.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 608,155 shares of company stock valued at $26,727,350 over the last quarter. 16.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Macquarie reaffirmed an “outperform” rating and issued a $75.00 price objective on shares of GitLab in a report on Thursday, September 4th. UBS Group lowered their target price on GitLab from $73.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, September 4th. Piper Sandler lowered their target price on GitLab from $85.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, September 4th. Wells Fargo & Company lowered their target price on GitLab from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Thursday, September 4th. Finally, KeyCorp lowered their target price on GitLab from $60.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.88.

GitLab Stock Up 1.5%

GTLB opened at $49.74 on Friday. The company has a market cap of $8.22 billion, a price-to-earnings ratio of -1,243.50 and a beta of 0.75. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The firm’s fifty day simple moving average is $45.04 and its two-hundred day simple moving average is $46.88.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same period last year, the firm posted $0.03 earnings per share. On average, research analysts forecast that GitLab Inc. will post -0.31 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.