GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix Sells 444 Shares

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 444 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $48.61, for a total transaction of $21,582.84. Following the transaction, the chief accounting officer now owns 75,332 shares of the company’s stock, valued at approximately $3,661,888.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Erin Mannix also recently made the following trade(s):

• On Thursday, June 27th, Erin Mannix sold 494 shares of GitLab stock. The stock was sold at an average price of $50.00, for a total value of $24,700.00.
• On Thursday, June 20th, Erin Mannix sold 494 shares of GitLab stock. The stock was sold at an average price of $42.92, for a total value of $21,202.48.

GitLab Price Performance

GTLB stock traded up $1.62 during midday trading on Monday, hitting $51.34. The stock had a trading volume of 3,735,640 shares, compared to its average volume of 2,640,254. The company’s 50-day moving average price is $50.68 and its 200 day moving average price is $58.97. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The firm has a market cap of $8.16 billion, a PE ratio of -18.67 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. As a group, sell-side analysts anticipate that GitLab Inc. will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fiera Capital Corp increased its position in GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after buying an additional 5,446 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of GitLab by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after acquiring an additional 51,612 shares during the period. Banque Cantonale Vaudoise bought a new stake in GitLab in the 1st quarter valued at about $58,000. Balyasny Asset Management L.P. boosted its stake in GitLab by 520.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock valued at $47,134,000 after purchasing an additional 627,999 shares during the period. Finally, Wellington Management Group LLP grew its position in GitLab by 280.3% in the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock worth $28,443,000 after purchasing an additional 463,584 shares during the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GTLB has been the topic of a number of research analyst reports. UBS Group cut their price objective on shares of GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Mizuho decreased their price objective on shares of GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. JPMorgan Chase & Co. dropped their price objective on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. TD Cowen reduced their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Tuesday, March 5th. Finally, DA Davidson dropped their price target on GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average price target of $67.30.

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.