Octahedron Capital Management L.P. Lowers Holdings in GitLab Inc. (NASDAQ:GTLB)

Octahedron Capital Management L.P. decreased its holdings in GitLab Inc. (NASDAQ:GTLB) by 9.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,800 shares of the company’s stock after selling 4,350 shares during the quarter. GitLab accounts for about 2.0% of Octahedron Capital Management L.P.’s holdings, making the stock its 13th biggest holding. Octahedron Capital Management L.P.’s holdings in GitLab were worth $1,979,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blair William & Co. IL boosted its stake in shares of GitLab by 55.3% in the first quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after purchasing an additional 14,738 shares during the period. Banque Cantonale Vaudoise purchased a new position in GitLab in the first quarter worth approximately $58,000. Balyasny Asset Management L.P. lifted its stake in GitLab by 520.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after acquiring an additional 627,999 shares during the last quarter. Comerica Bank lifted its stake in GitLab by 2,076.2% in the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after acquiring an additional 63,323 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in GitLab by 12.9% in the fourth quarter. Teacher Retirement System of Texas now owns 6,324 shares of the company’s stock worth $398,000 after acquiring an additional 722 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. The disclosure for this sale can be found here. Insiders have sold a total of 133,115 shares of company stock valued at $6,683,620 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

GitLab Stock Performance

Shares of GTLB opened at $52.05 on Friday. The stock has a market capitalization of $8.27 billion, a P/E ratio of -18.93 and a beta of 0.44. The company’s fifty day moving average is $49.35 and its two-hundred day moving average is $51.76. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. GitLab’s revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.29) EPS. Sell-side analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent research reports. TD Cowen lifted their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price target on shares of GitLab in a research note on Monday, August 19th. Needham & Company LLC restated a “hold” rating on shares of GitLab in a research report on Wednesday, September 4th. Robert W. Baird boosted their price objective on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Finally, UBS Group boosted their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.05.

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.