Victory Capital Management Inc. Sells 18,157 Shares of GitLab Inc. (NASDAQ:GTLB)

Victory Capital Management Inc. reduced its position in GitLab Inc. (NASDAQ:GTLB) by 7.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 225,678 shares of the company’s stock after selling 18,157 shares during the quarter. Victory Capital Management Inc. owned about 0.14% of GitLab worth $11,221,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its stake in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the 1st quarter valued at approximately $58,000. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab during the 1st quarter valued at approximately $58,000. Quarry LP increased its position in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after purchasing an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC bought a new position in GitLab in the 4th quarter valued at approximately $83,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on GTLB shares. Robert W. Baird upped their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Wells Fargo & Company increased their target price on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. KeyCorp cut their target price on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. BTIG Research upped their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Barclays raised their price target on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.05.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Merline Saintil sold 1,329 shares of the stock in a transaction that occurred 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 directly owns 7,040 shares of the company’s stock, valued at $311,731.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. Insiders sold a total of 133,609 shares of company stock worth $6,704,823 over the last quarter. 21.36% of the stock is currently owned by corporate insiders.

GitLab Trading Up 0.6 %

NASDAQ:GTLB opened at $54.49 on Friday. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of -19.81 and a beta of 0.44. The firm has a fifty day simple moving average of $49.29 and a two-hundred day simple moving average of $52.34.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period last year, the business posted ($0.29) EPS. The firm’s revenue for the quarter was up 30.8% compared to the same quarter last year. Equities analysts predict that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

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.