D.A. Davidson & CO. Lowers Stock Position in GitLab Inc. (NASDAQ:GTLB)

D.A. Davidson & CO. decreased its position in GitLab Inc. (NASDAQ:GTLB) by 10.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,660 shares of the company’s stock after selling 1,050 shares during the period. D.A. Davidson & CO.’s holdings in GitLab were worth $446,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of GTLB. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the 3rd quarter valued at about $52,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP raised its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of GitLab during the 3rd quarter valued at approximately $96,000. Finally, Canton Hathaway LLC grew its stake in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after acquiring an additional 435 shares during the period. Institutional investors and hedge funds own 91.72% of the company’s stock.

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is currently owned by company insiders.

GitLab Price Performance

Shares of GTLB opened at $63.86 on Wednesday. The firm has a 50-day simple moving average of $57.01 and a two-hundred day simple moving average of $52.02. The stock has a market cap of $10.25 billion, a PE ratio of -27.29 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. TD Cowen upped their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Barclays boosted their price objective on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Wells Fargo & Company raised 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. Finally, Royal Bank of Canada boosted their price target on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.17.

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.