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

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 444 shares of GitLab stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $48.61, for a total value of $21,582.84. Following the completion of the transaction, the chief accounting officer now owns 75,332 shares in the company, valued at approximately $3,661,888.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

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

GitLab Stock Performance

Shares of GTLB opened at $51.34 on Tuesday. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53. The business’s 50 day moving average price is $50.68 and its two-hundred day moving average price is $58.97. 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 issued 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 return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. Research analysts predict that GitLab Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On GitLab

Institutional investors have recently added to or reduced their stakes in the business. Fiera Capital Corp lifted its stake in GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock valued at $75,540,000 after buying an additional 5,446 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after buying an additional 51,612 shares during the period. Banque Cantonale Vaudoise acquired a new position in GitLab in the first quarter valued at approximately $58,000. Balyasny Asset Management L.P. raised its position in shares of GitLab by 520.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after purchasing an additional 627,999 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of GitLab by 280.3% during the third 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 period. 91.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GTLB has been the topic of a number of recent analyst reports. Truist Financial reiterated a “buy” rating and issued a $80.00 target price on shares of GitLab in a research report on Monday, April 1st. Bank of America reduced their price target on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Capital One Financial initiated coverage on GitLab in a report on Friday, March 22nd. They set an “overweight” rating and a $72.00 price target on the stock. KeyCorp reduced their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $65.00 price target on shares of GitLab in a report on Friday. Four equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.