Erin Mannix Sells 444 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 444 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $48.61, for a total value of $21,582.84. Following the sale, the chief accounting officer now owns 75,332 shares in the company, valued at $3,661,888.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Erin Mannix also recently made the following trade(s):

• On Thursday, June 27th, Erin Mannix sold 494 shares of GitLab stock. The shares were sold at an average price of $50.00, for a total value of $24,700.00.
• On Thursday, June 20th, Erin Mannix sold 494 shares of GitLab stock. The shares were sold at an average price of $42.92, for a total value of $21,202.48.

GitLab Trading Up 0.8 %

Shares of GTLB stock opened at $51.75 on Wednesday. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of -18.82 and a beta of 0.45. GitLab Inc. has a twelve month low of $40.19 and a twelve month high of $78.53. The stock has a fifty day simple moving average of $50.59 and a two-hundred day simple moving average of $58.90.

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

Analysts Set New Price Targets

Several brokerages have recently commented on GTLB. Sanford C. Bernstein boosted their price objective on GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. JPMorgan Chase & Co. cut their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Canaccord Genuity Group decreased their target price on GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Wolfe Research upgraded GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Wednesday, March 6th. Finally, Barclays reduced their price target on GitLab from $55.00 to $50.00 and set an “equal weight” rating for the company in a report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.30.

Institutional Trading of GitLab

Several large investors have recently added to or reduced their stakes in the company. Fiera Capital Corp increased its holdings in shares of 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 purchasing an additional 5,446 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of GitLab by 10.7% during 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 during the first quarter worth $58,000. Balyasny Asset Management L.P. boosted its position in shares of GitLab by 520.6% during 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 boosted its position in shares of GitLab by 280.3% during 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.

GitLab Company 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.