Brighton Jones LLC Decreases Holdings in GitLab Inc. (NASDAQ:GTLB)

Brighton Jones LLC reduced its stake in GitLab Inc. (NASDAQ:GTLB) by 5.7% in the 4th quarter, Holdings Channel reports. The firm owned 99,719 shares of the company’s stock after selling 6,082 shares during the quarter. Brighton Jones LLC’s holdings in GitLab were worth $6,278,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in GTLB. Pursue Wealth Partners LLC boosted its holdings in GitLab by 1.2% in the 3rd quarter. Pursue Wealth Partners LLC now owns 23,911 shares of the company’s stock worth $1,081,000 after acquiring an additional 273 shares during the period. Atria Wealth Solutions Inc. lifted its position in shares of GitLab by 2.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock worth $918,000 after purchasing an additional 290 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of GitLab by 2.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 11,900 shares of the company’s stock valued at $769,000 after purchasing an additional 300 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in GitLab by 9.2% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 5,223 shares of the company’s stock valued at $236,000 after purchasing an additional 438 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in GitLab by 1.6% during the 3rd quarter. Victory Capital Management Inc. now owns 29,354 shares of the company’s stock worth $1,327,000 after buying an additional 475 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GTLB shares. Truist Financial restated a “buy” rating and set a $80.00 target price on shares of GitLab in a research note on Monday, April 1st. Capital One Financial assumed coverage on GitLab in a report on Friday, March 22nd. They set an “overweight” rating and a $72.00 price objective on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $74.00 target price on shares of GitLab in a research note on Tuesday, March 5th. Wells Fargo & Company started coverage on shares of GitLab in a research note on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 5th. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.73.

GitLab Stock Performance

Shares of GTLB traded down $2.88 during midday trading on Tuesday, hitting $52.47. 1,696,758 shares of the stock traded hands, compared to its average volume of 2,558,307. The business’s 50 day moving average price is $59.51 and its two-hundred day moving average price is $58.46. GitLab Inc. has a 1-year low of $26.24 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. During the same period last year, the firm posted ($0.26) EPS. GitLab’s quarterly revenue was up 33.3% compared to the same quarter last year. As a group, equities analysts anticipate that GitLab Inc. will post -0.96 earnings per share for the current year.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 30,543 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $75.11, for a total value of $2,294,084.73. Following the completion of the sale, the insider now owns 60,132 shares in the company, valued at $4,516,514.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other GitLab news, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $59.53, for a total value of $57,029.74. Following the transaction, the chief accounting officer now directly owns 74,908 shares of the company’s stock, valued at approximately $4,459,273.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Robin Schulman sold 30,543 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $75.11, for a total value of $2,294,084.73. Following the completion of the transaction, the insider now owns 60,132 shares in the company, valued at approximately $4,516,514.52. The disclosure for this sale can be found here. Insiders have sold a total of 476,926 shares of company stock valued at $26,869,893 over the last ninety days. Corporate insiders own 28.04% of the company’s stock.

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.