Octahedron Capital Management L.P. Decreases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Octahedron Capital Management L.P. trimmed its position in GitLab Inc. (NASDAQ:GTLB) by 9.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,800 shares of the company’s stock after selling 4,350 shares during the period. GitLab comprises about 2.0% of Octahedron Capital Management L.P.’s investment portfolio, making the stock its 13th largest position. Octahedron Capital Management L.P.’s holdings in GitLab were worth $1,979,000 at the end of the most recent reporting period.

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

Insider Activity

In other news, Director Karen Blasing sold 4,430 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $249,187.50. Following the completion of the transaction, the director now directly owns 150,983 shares in the company, valued at approximately $8,492,793.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Merline Saintil sold 1,329 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total transaction of $58,848.12. Following the transaction, the director now directly owns 7,040 shares in the company, valued at $311,731.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 4,430 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $249,187.50. Following the transaction, the director now owns 150,983 shares in the company, valued at $8,492,793.75. The disclosure for this sale can be found here. In the last three months, insiders sold 133,115 shares of company stock worth $6,683,620. 21.36% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. BTIG Research increased their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Mizuho dropped their target price on shares of GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. KeyCorp dropped their target price on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. JPMorgan Chase & Co. dropped their target price on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, June 4th. Finally, Baird R W raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $66.05.

GitLab Trading Down 0.6 %

GitLab stock opened at $52.05 on Friday. The stock has a market cap of $8.27 billion, a P/E ratio of -18.93 and a beta of 0.44. The stock has a 50 day moving average of $49.35 and a 200-day moving average of $51.76. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last released 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. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.29) EPS. As a group, 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.