Evolutionary Tree Capital Management LLC Has $1.82 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Evolutionary Tree Capital Management LLC lessened its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 0.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,672 shares of the company’s stock after selling 293 shares during the period. GitLab comprises 1.9% of Evolutionary Tree Capital Management LLC’s holdings, making the stock its 22nd largest holding. Evolutionary Tree Capital Management LLC’s holdings in GitLab were worth $1,823,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in GTLB. Allspring Global Investments Holdings LLC increased its stake in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of GitLab in the first quarter worth $58,000. Future Financial Wealth Managment LLC acquired a new position in GitLab in the first quarter valued at about $58,000. Quarry LP raised its stake in GitLab by 75.1% in the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC bought a new stake in GitLab during the fourth quarter worth about $83,000. 91.72% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 23,334 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $50.24, for a total value of $1,172,300.16. Following the transaction, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Brian G. Robins sold 23,334 shares of GitLab stock in a transaction on Monday, July 1st. The shares were sold at an average price of $50.24, for a total value of $1,172,300.16. Following the completion of the sale, the chief financial officer now owns 282,441 shares in the company, valued at approximately $14,189,835.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,402 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $135,112.50. Following the transaction, the insider now directly owns 142,933 shares in the company, valued at $8,039,981.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 133,115 shares of company stock worth $6,683,620. Company insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their target price on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, June 4th. Canaccord Genuity Group lowered their price objective on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. UBS Group raised their target price on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Bank of America boosted their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Citic Securities assumed 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. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $66.05.

GitLab Price Performance

Shares of GTLB stock opened at $52.05 on Friday. The stock has a market capitalization of $8.27 billion, a PE ratio of -18.93 and a beta of 0.44. The business’s 50 day simple moving average is $49.35 and its 200 day simple moving average is $51.71. GitLab Inc. has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same period in the prior year, the firm posted ($0.29) EPS. The company’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, research analysts expect that GitLab Inc. will post -0.41 earnings per share 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.