GitLab Inc. (NASDAQ:GTLB) Stock Position Trimmed by Jackson Square Capital LLC

Jackson Square Capital LLC cut its position in GitLab Inc. (NASDAQ:GTLB) by 76.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,550 shares of the company’s stock after selling 28,050 shares during the quarter. Jackson Square Capital LLC’s holdings in GitLab were worth $402,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the last quarter. CoreCap Advisors LLC grew its stake in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab in the 4th quarter worth approximately $46,000. GAMMA Investing LLC grew its stake in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after purchasing an additional 490 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Down 5.7%

NASDAQ:GTLB opened at $41.23 on Friday. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The business has a 50 day moving average price of $46.45 and a two-hundred day moving average price of $55.40. The company has a market cap of $6.76 billion, a P/E ratio of -128.84 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. As a group, analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GitLab

In related news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at $25,832,616.36. The trade was a 23.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 461,584 shares of company stock worth $23,192,574. Company insiders own 16.37% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Cantor Fitzgerald decreased their target price on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday. Truist Financial restated a “buy” rating and set a $75.00 price target (down from $80.00) on shares of GitLab in a report on Wednesday. Mizuho decreased their price target on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday. Canaccord Genuity Group decreased their price target on shares of GitLab from $78.00 to $76.00 and set a “buy” rating for the company in a report on Thursday. Finally, KeyCorp decreased their price target on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $63.59.

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.