Anomaly Capital Management LP Sells 724,508 Shares of GitLab Inc. (NASDAQ:GTLB)

Anomaly Capital Management LP decreased its position in shares of GitLab Inc. (NASDAQ:GTLB) by 82.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 150,000 shares of the company’s stock after selling 724,508 shares during the period. GitLab makes up approximately 0.3% of Anomaly Capital Management LP’s holdings, making the stock its 28th largest holding. Anomaly Capital Management LP owned approximately 0.09% of GitLab worth $7,458,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of GitLab during the first quarter worth approximately $58,000. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab in the 1st quarter worth approximately $58,000. Quarry LP boosted its stake in shares of GitLab by 75.1% in the 4th 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 position in shares of GitLab during the 4th quarter valued at $83,000. Institutional investors own 91.72% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the subject of several recent research reports. Needham & Company LLC reissued a “hold” rating on shares of GitLab in a research note on Wednesday, September 4th. Robert W. Baird boosted their target price on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Barclays increased their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Baird R W raised GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Canaccord Genuity Group dropped their price objective on GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $66.05.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total value of $58,848.12. Following the transaction, the director now owns 7,040 shares in the company, valued at approximately $311,731.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. Insiders have sold 133,115 shares of company stock valued at $6,683,620 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

GitLab Stock Down 0.6 %

NASDAQ GTLB opened at $52.05 on Monday. The stock’s 50 day moving average is $49.35 and its 200 day moving average is $51.64. The firm has a market capitalization of $8.27 billion, a PE ratio of -18.93 and a beta of 0.44. GitLab Inc. has a twelve month low of $40.19 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm 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%. The company’s quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.29) EPS. On average, research analysts anticipate that GitLab Inc. will post -0.41 earnings per share 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.