Tran Capital Management L.P. Trims Position in GitLab Inc. (NASDAQ:GTLB)

Tran Capital Management L.P. decreased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 9.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 316,535 shares of the company’s stock after selling 34,643 shares during the period. GitLab accounts for about 2.0% of Tran Capital Management L.P.’s investment portfolio, making the stock its 19th largest holding. Tran Capital Management L.P.’s holdings in GitLab were worth $14,877,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTLB. Swiss National Bank grew its holdings in GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after buying an additional 7,700 shares during the period. Smartleaf Asset Management LLC boosted its position 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 acquiring an additional 1,153 shares during the last quarter. Rhumbline Advisers grew its holdings in GitLab by 5.5% in the fourth quarter. Rhumbline Advisers now owns 150,312 shares of the company’s stock valued at $8,470,000 after purchasing an additional 7,837 shares during the period. Principal Securities Inc. increased its position in GitLab by 79.6% during the fourth quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock worth $303,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Truist Financial Corp increased its position in GitLab by 32.4% during the fourth quarter. Truist Financial Corp now owns 22,078 shares of the company’s stock worth $1,244,000 after purchasing an additional 5,406 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Trading Down 10.6%

GTLB stock opened at $43.37 on Thursday. The firm has a 50 day simple moving average of $46.42 and a 200-day simple moving average of $55.73. The company has a market capitalization of $7.11 billion, a P/E ratio of -135.53 and a beta of 0.75. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The firm’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. On average, research analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

Insider Transactions at GitLab

In related news, insider Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. The trade was a 21.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on GTLB shares. The Goldman Sachs Group reiterated a “neutral” rating and issued a $50.00 target price (down previously from $63.00) on shares of GitLab in a report on Wednesday. Robert W. Baird cut their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Scotiabank reduced their price objective on GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a research note on Friday, June 6th. Royal Bank of Canada dropped their target price on shares of GitLab from $68.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Cowen reissued a “buy” rating on shares of GitLab in a research note on Friday, June 6th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.68.

GitLab 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.