GitLab Inc. (NASDAQ:GTLB) Shares Sold by IVY Lane Capital Management LLC

IVY Lane Capital Management LLC decreased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 12.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,000 shares of the company’s stock after selling 11,000 shares during the quarter. GitLab comprises 3.0% of IVY Lane Capital Management LLC’s holdings, making the stock its 11th biggest position. IVY Lane Capital Management LLC’s holdings in GitLab were worth $4,722,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Invesco Ltd. boosted its holdings in shares of GitLab by 71.3% in the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after acquiring an additional 1,762,944 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of GitLab by 6.8% in the 3rd quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock valued at $376,115,000 after acquiring an additional 530,702 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of GitLab in the 3rd quarter valued at $21,385,000. Wellington Management Group LLP boosted its holdings in shares of GitLab by 280.3% in the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after acquiring an additional 463,584 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong boosted its holdings in shares of GitLab by 108.4% in the 4th quarter. CloudAlpha Capital Management Limited Hong Kong now owns 388,700 shares of the company’s stock valued at $24,473,000 after acquiring an additional 202,200 shares during the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Down 1.0 %

GitLab stock traded down $0.55 during trading on Friday, reaching $55.46. The stock had a trading volume of 1,675,171 shares, compared to its average volume of 1,618,262. GitLab Inc. has a 52-week low of $26.24 and a 52-week high of $78.53. The business has a 50 day moving average price of $59.87 and a 200 day moving average price of $58.33.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The company had revenue of $163.80 million during the quarter, compared to the consensus estimate of $157.89 million. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. The firm’s quarterly revenue was up 33.3% on a year-over-year basis. As a group, research analysts forecast that GitLab Inc. will post -0.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. TD Cowen lowered their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Tuesday, March 5th. Bank of America decreased their price objective on shares of GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Capital One Financial began coverage on shares of GitLab in a research report on Friday, March 22nd. They issued an “overweight” rating and a $72.00 target price for the company. Cantor Fitzgerald reduced their target price on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, March 5th. Finally, UBS Group reduced their target price on shares of GitLab from $81.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.73.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 15,712 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total transaction of $1,178,714.24. Following the sale, the insider now owns 60,132 shares of the company’s stock, valued at $4,511,102.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other GitLab news, insider Robin Schulman sold 15,712 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total transaction of $1,178,714.24. Following the sale, the insider now owns 60,132 shares of the company’s stock, valued at $4,511,102.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Monday, April 15th. The shares were sold at an average price of $54.92, for a total transaction of $3,075,520.00. The disclosure for this sale can be found here. Insiders sold 492,638 shares of company stock worth $28,048,607 over the last 90 days. 28.04% of the stock is owned by insiders.

About GitLab

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.