GitLab Inc. (NASDAQ:GTLB) Shares Sold by EDBI Pte Ltd

EDBI Pte Ltd trimmed its position in GitLab Inc. (NASDAQ:GTLB) by 61.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,166 shares of the company’s stock after selling 9,670 shares during the period. GitLab makes up about 0.4% of EDBI Pte Ltd’s holdings, making the stock its 15th biggest position. EDBI Pte Ltd’s holdings in GitLab were worth $360,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTLB. Vanguard Group Inc. boosted its position 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. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter worth $222,591,000. 1832 Asset Management L.P. purchased a new stake in shares of GitLab in the 4th quarter worth about $76,918,000. Fiera Capital Corp boosted its position in shares of GitLab by 0.5% in the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after buying an additional 5,446 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of GitLab by 25.8% in the 4th quarter. Wellington Management Group LLP now owns 791,356 shares of the company’s stock worth $49,824,000 after buying an additional 162,369 shares in the last quarter. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Capital One Financial initiated coverage on shares of GitLab in a research report on Friday, March 22nd. They issued an “overweight” rating and a $72.00 price objective on the stock. Canaccord Genuity Group dropped their price objective on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Truist Financial reissued a “buy” rating and set a $80.00 target price on shares of GitLab in a research report on Monday, April 1st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $65.00 target price on shares of GitLab in a research report on Friday. Four research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $67.30.

Insider Buying and Selling at GitLab

In related news, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the sale, the director now directly owns 7,040 shares in the company, valued at $311,731.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total transaction of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares in the company, valued at $13,342,873.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the sale, the director now owns 7,040 shares in the company, valued at $311,731.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,157 shares of company stock worth $4,194,167. 21.36% of the stock is owned by insiders.

GitLab Stock Up 0.5 %

GitLab stock opened at $49.72 on Monday. The company has a fifty day moving average price of $50.70 and a two-hundred day moving average price of $59.07. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last posted its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. The company had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. As a group, sell-side analysts expect that GitLab Inc. will post -0.5 EPS for the current year.

GitLab 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.