Seven Eight Capital LP Decreases Stake in GitLab Inc. (NASDAQ:GTLB)

Seven Eight Capital LP lessened its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 27.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,941 shares of the company’s stock after selling 3,352 shares during the period. Seven Eight Capital LP’s holdings in GitLab were worth $445,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its position in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the 1st quarter worth $58,000. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the 1st quarter worth $58,000. Quarry LP boosted its position in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after acquiring an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC purchased a new stake in shares of GitLab in the fourth quarter valued at about $83,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Price Performance

GTLB opened at $52.05 on Monday. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -18.93 and a beta of 0.44. The business has a fifty day moving average price of $49.35 and a 200 day moving average price of $51.64. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping 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 firm 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 earned ($0.29) earnings per share. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, research analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Citic Securities started coverage on shares of GitLab in a report on Monday, June 3rd. They issued a “buy” rating and a $80.00 target price on the stock. KeyCorp decreased their price objective on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. UBS Group raised their target price on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Royal Bank of Canada upped their price target on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Finally, Canaccord Genuity Group cut their price objective on GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.05.

Insider Buying and Selling

In other GitLab news, Director Merline Saintil sold 1,329 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the sale, the director now directly owns 7,040 shares in the company, valued at $311,731.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Merline Saintil sold 1,329 shares of the stock in a transaction dated Wednesday, June 26th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. The disclosure for this sale can be found here. Over the last quarter, insiders sold 133,115 shares of company stock worth $6,683,620. Corporate insiders own 21.36% of the company’s stock.

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.