GitLab Inc. (NASDAQ:GTLB) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA lessened its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 0.7% during the 3rd quarter, Holdings Channel reports. The fund owned 821,340 shares of the company’s stock after selling 5,700 shares during the quarter. Primecap Management Co. CA’s holdings in GitLab were worth $42,332,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GTLB. DNB Asset Management AS purchased a new position in GitLab during the second quarter worth about $37,851,000. Renaissance Technologies LLC lifted its holdings in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after acquiring an additional 747,712 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in GitLab in the third quarter worth approximately $30,827,000. William Blair Investment Management LLC acquired a new stake in GitLab during the second quarter worth $16,071,000. Finally, Thrivent Financial for Lutherans increased its stake in GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after acquiring an additional 312,119 shares during the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock valued at $10,569,356 over the last three months. 21.36% of the stock is owned by corporate insiders.

GitLab Trading Up 4.3 %

Shares of GTLB opened at $64.80 on Friday. The firm’s fifty day simple moving average is $54.86 and its 200-day simple moving average is $51.39. The firm has a market capitalization of $10.40 billion, a price-to-earnings ratio of -27.44 and a beta of 0.45. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period in the previous year, the business earned ($0.29) EPS. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. On average, analysts predict that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on GTLB. Robert W. Baird increased their price target on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Wells Fargo & Company increased their target price on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Morgan Stanley assumed coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target on the stock. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Monday, October 21st. Finally, Bank of America boosted their target price on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.67.

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.