Erin Mannix Sells 494 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 494 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $50.00, for a total transaction of $24,700.00. Following the sale, the chief accounting officer now directly owns 75,776 shares of the company’s stock, valued at approximately $3,788,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Erin Mannix also recently made the following trade(s):

• On Monday, July 1st, Erin Mannix sold 444 shares of GitLab stock. The stock was sold at an average price of $48.61, for a total value of $21,582.84.
• On Thursday, June 20th, Erin Mannix sold 494 shares of GitLab stock. The shares were sold at an average price of $42.92, for a total value of $21,202.48.

GitLab Stock Up 3.3 %

NASDAQ GTLB traded up $1.62 on Monday, reaching $51.34. The stock had a trading volume of 3,735,640 shares, compared to its average volume of 2,640,254. The stock has a fifty day moving average price of $50.68 and a two-hundred day moving average price of $58.97. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of -18.67 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million for the quarter, compared to the consensus estimate of $165.66 million. Sell-side analysts forecast that GitLab Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GTLB. Fiera Capital Corp grew its stake in shares of GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after acquiring an additional 5,446 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in GitLab by 10.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after purchasing an additional 51,612 shares during the period. Banque Cantonale Vaudoise acquired a new stake in GitLab in the 1st quarter valued at about $58,000. Balyasny Asset Management L.P. boosted its stake in shares of GitLab by 520.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock valued at $47,134,000 after buying an additional 627,999 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of GitLab by 280.3% during the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock worth $28,443,000 after buying an additional 463,584 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Analyst Ratings Changes

GTLB has been the subject of several recent research reports. Truist Financial reissued a “buy” rating and issued a $80.00 price objective on shares of GitLab in a research note on Monday, April 1st. Barclays decreased their price target on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. JPMorgan Chase & Co. lowered their price target on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. UBS Group cut their price objective on shares of GitLab from $81.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Finally, KeyCorp lowered their target price on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $67.30.

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.