Caprock Group LLC Sells 1,395 Shares of GitLab Inc. (NASDAQ:GTLB)

Caprock Group LLC cut its holdings in GitLab Inc. (NASDAQ:GTLB) by 4.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,877 shares of the company’s stock after selling 1,395 shares during the quarter. Caprock Group LLC’s holdings in GitLab were worth $1,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Strengthening Families & Communities LLC grew its stake in shares of GitLab by 6.9% in the third quarter. Strengthening Families & Communities LLC now owns 30,284 shares of the company’s stock worth $1,561,000 after purchasing an additional 1,955 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of GitLab by 128.8% in the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after purchasing an additional 312,119 shares during the last quarter. Claro Advisors LLC bought a new stake in GitLab during the 3rd quarter valued at approximately $811,000. Bank of Marin boosted its position in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares in the last quarter. Finally, OneDigital Investment Advisors LLC bought a new stake in GitLab during the 3rd quarter valued at approximately $200,000. 91.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GTLB has been the topic of several research reports. BTIG Research lifted their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. Bank of America lifted their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. DA Davidson reaffirmed a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Finally, Royal Bank of Canada lifted their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.38.

GitLab Price Performance

Shares of GTLB stock opened at $62.15 on Thursday. The company has a market cap of $9.98 billion, a price-to-earnings ratio of -26.03 and a beta of 0.45. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a fifty day moving average price of $54.73 and a 200-day moving average price of $51.32.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. GitLab’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. Equities research analysts expect that GitLab Inc. will post -0.41 EPS for the current year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 in the last three months. Corporate insiders own 21.36% of the company’s stock.

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.