GitLab Inc. (NASDAQ:GTLB) CAO Sells $57,029.74 in Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 958 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total transaction of $57,029.74. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Wednesday, December 27th, Erin Mannix sold 1,322 shares of GitLab stock. The stock was sold at an average price of $65.00, for a total transaction of $85,930.00.

GitLab Stock Performance

GTLB stock opened at $58.75 on Thursday. The stock’s 50 day moving average is $66.92 and its two-hundred day moving average is $56.90. GitLab Inc. has a 52-week low of $26.24 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLB) last announced its earnings results on Monday, March 4th. The company reported $0.15 EPS 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 17.47%. The firm had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. During the same quarter last year, the firm posted ($0.26) EPS. The business’s quarterly revenue was up 33.3% on a year-over-year basis. As a group, equities research analysts predict that GitLab Inc. will post -0.96 EPS for the current fiscal year.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after acquiring an additional 1,070,994 shares during the period. Morgan Stanley lifted its position in shares of GitLab by 3.0% during the fourth quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after purchasing an additional 228,085 shares in the last quarter. ICONIQ Capital LLC lifted its position in shares of GitLab by 23.9% during the second quarter. ICONIQ Capital LLC now owns 7,773,455 shares of the company’s stock worth $397,301,000 after purchasing an additional 1,500,000 shares in the last quarter. HMI Capital Management L.P. lifted its position in shares of GitLab by 53.9% during the second quarter. HMI Capital Management L.P. now owns 7,406,153 shares of the company’s stock worth $378,528,000 after purchasing an additional 2,594,437 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of GitLab by 71.3% during the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock worth $191,590,000 after purchasing an additional 1,762,944 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GTLB. Scotiabank raised their price objective on shares of GitLab from $60.00 to $70.00 and gave the stock a “sector outperform” rating in a report on Tuesday, December 5th. Bank of America cut their target price on shares of GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Capital One Financial initiated coverage on shares of GitLab in a report on Friday, March 22nd. They issued an “overweight” rating and a $72.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 target price on shares of GitLab in a report on Tuesday, March 5th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $74.00 target price on shares of GitLab in a report on Tuesday, March 5th. Five equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.19.

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.