EDBI Pte Ltd Lowers Position in GitLab Inc. (NASDAQ:GTLB)

EDBI Pte Ltd lessened its holdings in GitLab Inc. (NASDAQ:GTLB) by 61.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,166 shares of the company’s stock after selling 9,670 shares during the period. GitLab accounts for approximately 0.4% of EDBI Pte Ltd’s portfolio, making the stock its 15th largest holding. EDBI Pte Ltd’s holdings in GitLab were worth $360,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Fiera Capital Corp increased its stake in GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock valued at $75,540,000 after acquiring an additional 5,446 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after buying an additional 51,612 shares during the period. Banque Cantonale Vaudoise purchased a new position in shares of GitLab in the first quarter worth about $58,000. Balyasny Asset Management L.P. increased its holdings in shares of GitLab by 520.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after buying an additional 627,999 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of GitLab by 280.3% in the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock worth $28,443,000 after buying an additional 463,584 shares during the period. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $54.92, for a total transaction of $3,075,520.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the completion of the sale, the director now owns 7,040 shares of the company’s stock, valued at $311,731.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,157 shares of company stock worth $4,194,167. Insiders own 21.36% of the company’s stock.

GitLab Stock Up 0.5 %

GTLB stock opened at $49.72 on Monday. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The stock’s 50 day simple moving average is $50.70 and its 200 day simple moving average is $59.07.

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Bank of America decreased their price objective on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Raymond James upgraded GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a report on Friday, April 12th. Wells Fargo & Company assumed coverage on GitLab in a report on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 price objective on the stock. DA Davidson reduced their price target on GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. Finally, KeyCorp reduced their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.30.

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.