Glenmede Trust Co. NA Has $596,000 Stake in GitLab Inc. (NASDAQ:GTLB)

Glenmede Trust Co. NA lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,564 shares of the company’s stock after buying an additional 334 shares during the quarter. Glenmede Trust Co. NA’s holdings in GitLab were worth $596,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Tidal Investments LLC acquired a new position in GitLab during the first quarter valued at approximately $922,000. Comerica Bank raised its stake in shares of GitLab by 2,076.2% during the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after purchasing an additional 63,323 shares during the period. Cetera Advisors LLC bought a new stake in GitLab in the 1st quarter valued at about $368,000. Harbor Capital Advisors Inc. raised its stake in GitLab by 88.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 31,605 shares of the company’s stock valued at $1,571,000 after acquiring an additional 14,798 shares during the period. Finally, CWM LLC raised its stake in GitLab by 24.9% in the 2nd quarter. CWM LLC now owns 46,501 shares of the company’s stock valued at $2,312,000 after acquiring an additional 9,272 shares during the period. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Price Performance

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

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data 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 return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the company posted ($0.29) earnings per share. The business’s revenue was up 30.8% on a year-over-year basis. On average, equities analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GTLB shares. Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. UBS Group boosted their price objective on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Monday, October 21st. Royal Bank of Canada boosted their price objective on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Finally, BTIG Research lifted their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.17.

Insider Buying and Selling at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is currently owned by insiders.

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.