Goldman Sachs Group Inc. Has $16.84 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Goldman Sachs Group Inc. cut its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 54.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 267,505 shares of the company’s stock after selling 315,660 shares during the quarter. Goldman Sachs Group Inc.’s holdings in GitLab were worth $16,842,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of GTLB. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of GitLab by 5.3% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock worth $346,000 after purchasing an additional 276 shares during the period. Atria Wealth Solutions Inc. grew its holdings in shares of GitLab by 2.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock valued at $918,000 after acquiring an additional 290 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of GitLab by 2.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 11,900 shares of the company’s stock worth $769,000 after acquiring an additional 300 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of GitLab by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock worth $2,449,000 after acquiring an additional 380 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of GitLab by 2.6% during the fourth quarter. Amalgamated Bank now owns 19,236 shares of the company’s stock worth $1,211,000 after acquiring an additional 488 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on GTLB shares. Mizuho dropped their target price on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Cantor Fitzgerald cut their price objective on shares of GitLab from $70.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Bank of America decreased their target price on shares of GitLab from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Royal Bank of Canada reduced their price objective on shares of GitLab from $80.00 to $74.00 and set an “outperform” rating for the company in a research note on Monday, June 3rd. Finally, DA Davidson lowered their target price on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $67.70.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the transaction, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at $13,293,423. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $54.92, for a total value of $3,075,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the transaction, the chief financial officer now owns 305,175 shares of the company’s stock, valued at approximately $13,293,423. The disclosure for this sale can be found here. In the last quarter, insiders have sold 139,828 shares of company stock valued at $7,500,119. 21.36% of the stock is owned by corporate insiders.

GitLab Price Performance

Shares of GitLab stock opened at $49.45 on Friday. The firm has a fifty day moving average price of $50.74 and a two-hundred day moving average price of $59.19. GitLab Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $78.53. The company has a market cap of $7.86 billion, a PE ratio of -17.98 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The business had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. Analysts expect that GitLab Inc. will post -0.5 earnings per share for the current fiscal year.

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.