GitLab Inc. (NASDAQ:GTLB) Shares Sold by Algert Global LLC

by · The Markets Daily

Algert Global LLC trimmed its position in GitLab Inc. (NASDAQ:GTLB – Free Report) by 28.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,552 shares of the company’s stock after selling 40,593 shares during the period. Algert Global LLC’s holdings in GitLab were worth $5,286,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new position in GitLab during the 3rd quarter worth approximately $52,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the period. Quarry LP raised its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in GitLab in the third quarter valued at $96,000. Finally, Canton Hathaway LLC boosted its position in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after purchasing an additional 435 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was 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. Over the last ninety days, insiders sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of research analyst reports. Bank of America boosted their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Scotiabank raised their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Robert W. Baird upped their target price on shares of GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, TD Cowen lifted their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.67.

Read Our Latest Research Report on GitLab

GitLab Stock Up 2.8 %

Shares of GitLab stock opened at $66.62 on Monday. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The firm has a market cap of $10.69 billion, a P/E ratio of -28.47 and a beta of 0.45. The business has a 50-day moving average price of $55.32 and a 200 day moving average price of $51.54.

GitLab (NASDAQ:GTLB – Get Free Report) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.29) EPS. As a group, equities research analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

GitLab Company Profile

(Free Report)

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.

Further Reading

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