Industry Ventures L.L.C. Sells 13,960 Shares of GitLab Inc. (NASDAQ:GTLB)

Industry Ventures L.L.C. lowered its position in GitLab Inc. (NASDAQ:GTLB) by 42.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,162 shares of the company’s stock after selling 13,960 shares during the period. GitLab makes up about 2.0% of Industry Ventures L.L.C.’s investment portfolio, making the stock its 3rd biggest position. Industry Ventures L.L.C.’s holdings in GitLab were worth $1,206,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of GitLab by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after acquiring an additional 51,612 shares during the period. Lisanti Capital Growth LLC acquired a new stake in GitLab during the 4th quarter valued at $4,625,000. River Global Investors LLP grew its holdings in GitLab by 24.6% during the 4th quarter. River Global Investors LLP now owns 19,582 shares of the company’s stock valued at $1,233,000 after buying an additional 3,860 shares during the last quarter. M&T Bank Corp acquired a new stake in GitLab during the 4th quarter valued at $271,000. Finally, Malaga Cove Capital LLC acquired a new stake in GitLab during the 4th quarter valued at $325,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GTLB shares. Sanford C. Bernstein increased their target price on GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Cantor Fitzgerald reduced their price target on GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 5th. Capital One Financial started coverage on GitLab in a research note on Friday, March 22nd. They set an “overweight” rating and a $72.00 price target on the stock. DA Davidson reduced their price target on GitLab from $75.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 5th. Finally, Wolfe Research raised GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a research note on Wednesday, March 6th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and an average price target of $70.73.

GitLab Stock Down 1.0 %

GitLab stock traded down $0.52 during mid-day trading on Wednesday, hitting $52.94. The company’s stock had a trading volume of 1,832,241 shares, compared to its average volume of 2,493,181. The stock has a market capitalization of $8.40 billion, a P/E ratio of -19.25 and a beta of 0.49. GitLab Inc. has a twelve month low of $28.39 and a twelve month high of $78.53. The stock’s fifty day moving average price is $57.19 and its two-hundred day moving average price is $58.73.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping 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 analysts’ expectations of $157.89 million. During the same period in the previous year, the company posted ($0.26) EPS. The company’s quarterly revenue was up 33.3% compared to the same quarter last year. Equities analysts expect that GitLab Inc. will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

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

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.