Erin Mannix Sells 494 Shares of GitLab Inc. (NASDAQ:GTLB) Stock

GitLab Inc. (NASDAQ:GTLB) CAO Erin Mannix sold 494 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $50.00, for a total value of $24,700.00. Following the completion of the transaction, the chief accounting officer now owns 75,776 shares in the company, valued at approximately $3,788,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, July 1st, Erin Mannix sold 444 shares of GitLab stock. The stock was sold at an average price of $48.61, for a total value of $21,582.84.
• 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

Shares of GTLB opened at $51.75 on Wednesday. The firm has a market cap of $8.22 billion, a PE ratio of -18.82 and a beta of 0.45. The stock’s fifty day moving average price is $50.59 and its two-hundred day moving average price is $58.90. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its 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. The firm had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. Sell-side analysts anticipate that GitLab Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of GitLab

Several hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its stake in shares of GitLab by 213.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 116,351 shares of the company’s stock valued at $5,261,000 after purchasing an additional 79,177 shares during the period. Hsbc Holdings PLC bought a new stake in shares of GitLab during the 3rd quarter valued at $842,000. Federated Hermes Inc. bought a new stake in shares of GitLab during the 3rd quarter valued at $112,000. Natixis Advisors L.P. bought a new stake in shares of GitLab during the 3rd quarter valued at $533,000. Finally, Treasurer of the State of North Carolina raised its stake in shares of GitLab by 80.4% during the 3rd quarter. Treasurer of the State of North Carolina now owns 38,520 shares of the company’s stock valued at $1,742,000 after purchasing an additional 17,170 shares during the period. 91.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of GitLab in a report on Tuesday, June 4th. JPMorgan Chase & Co. cut their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Wells Fargo & Company assumed coverage on GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 target price on the stock. Barclays cut their target price on GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Finally, Canaccord Genuity Group cut their target price on GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average 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.