Grandeur Peak Global Advisors LLC Trims Stock Position in GitLab Inc. (NASDAQ:GTLB)

Grandeur Peak Global Advisors LLC decreased its position in GitLab Inc. (NASDAQ:GTLB) by 16.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,716 shares of the company’s stock after selling 1,498 shares during the period. Grandeur Peak Global Advisors LLC’s holdings in GitLab were worth $450,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GTLB. Norges Bank acquired a new stake in GitLab during the 4th quarter worth about $222,591,000. Capital Research Global Investors boosted its position in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after buying an additional 3,096,437 shares during the last quarter. 1832 Asset Management L.P. acquired a new position in GitLab in the 4th quarter worth approximately $76,918,000. Vanguard Group Inc. raised its position in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after buying an additional 1,070,994 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in GitLab during the 1st quarter worth approximately $49,196,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Stock Performance

GTLB stock traded up $0.40 during mid-day trading on Wednesday, reaching $50.53. The company had a trading volume of 560,297 shares, compared to its average volume of 2,597,762. The stock’s 50-day simple moving average is $49.55 and its two-hundred day simple moving average is $57.55. GitLab Inc. has a one year low of $40.19 and a one year high of $78.53.

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

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Robin Schulman sold 2,402 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the transaction, the insider now owns 142,933 shares of the company’s stock, valued at approximately $8,039,981.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,943 shares of company stock valued at $5,699,980. Insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GTLB shares. JPMorgan Chase & Co. decreased their price objective on GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, June 4th. Needham & Company LLC restated a “hold” rating on shares of GitLab in a research report on Wednesday, July 17th. DA Davidson cut their target price on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, June 4th. BTIG Research dropped their price target on shares of GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a research report on Thursday, July 18th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $67.30.

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.