Handelsinvest Investeringsforvaltning Decreases Stake in GitLab Inc. (NASDAQ:GTLB)

Handelsinvest Investeringsforvaltning lowered its position in GitLab Inc. (NASDAQ:GTLB) by 34.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,675 shares of the company’s stock after selling 1,388 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in GitLab were worth $156,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GTLB. Envestnet Asset Management Inc. increased its holdings in GitLab by 213.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 116,351 shares of the company’s stock worth $5,261,000 after acquiring an additional 79,177 shares during the last quarter. Federated Hermes Inc. bought a new position in GitLab in the 3rd quarter worth about $112,000. Natixis Advisors L.P. bought a new position in GitLab in the 3rd quarter worth about $533,000. Treasurer of the State of North Carolina boosted its stake in GitLab by 80.4% in the 3rd quarter. Treasurer of the State of North Carolina now owns 38,520 shares of the company’s stock worth $1,742,000 after purchasing an additional 17,170 shares during the period. Finally, California State Teachers Retirement System boosted its stake in GitLab by 10.8% in the 3rd quarter. California State Teachers Retirement System now owns 83,439 shares of the company’s stock worth $3,773,000 after purchasing an additional 8,152 shares during the period. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Raymond James upgraded GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Friday, April 12th. Wells Fargo & Company assumed coverage on GitLab in a research note on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 target price for the company. Mizuho cut their target price on GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. BTIG Research dropped their price target on GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price target on shares of GitLab in a research report on Friday, June 28th. Four analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.30.

Insider Activity

In other news, 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on 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 filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the transaction, the chief financial officer now owns 293,508 shares in the company, valued at $13,342,873.68. The disclosure for this sale can be found here. Insiders sold 105,429 shares of company stock valued at $5,412,750 in the last ninety days. Insiders own 21.36% of the company’s stock.

GitLab Price Performance

Shares of GitLab stock opened at $53.17 on Thursday. The stock has a 50 day moving average of $50.53 and a 200 day moving average of $58.86. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. As a group, analysts forecast that GitLab Inc. will post -0.5 earnings per share for the current fiscal 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.