Anomaly Capital Management LP Decreases Stake in GitLab Inc. (NASDAQ:GTLB)

Anomaly Capital Management LP reduced its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 82.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 150,000 shares of the company’s stock after selling 724,508 shares during the quarter. GitLab accounts for 0.3% of Anomaly Capital Management LP’s portfolio, making the stock its 28th biggest holding. Anomaly Capital Management LP’s holdings in GitLab were worth $7,458,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the first quarter worth approximately $58,000. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the first quarter valued at approximately $58,000. Quarry LP lifted its position in GitLab by 75.1% during the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares during the period. Finally, Tucker Asset Management LLC purchased a new stake in GitLab in the fourth quarter worth approximately $83,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 4,430 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $249,187.50. Following the sale, the director now owns 150,983 shares in the company, valued at approximately $8,492,793.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Blasing sold 4,430 shares of the business’s stock in a transaction 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 sale, the director now owns 150,983 shares in the company, valued at approximately $8,492,793.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,115 shares of company stock valued at $6,683,620. Corporate insiders own 21.36% of the company’s stock.

GitLab Stock Down 0.6 %

Shares of GitLab stock opened at $52.05 on Monday. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53. The stock’s 50-day simple moving average is $49.35 and its 200-day simple moving average is $51.64. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of -18.93 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the previous year, the firm earned ($0.29) EPS. The firm’s revenue was up 30.8% compared to the same quarter last year. On average, equities analysts expect that GitLab Inc. will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of GitLab in a research note on Monday, August 19th. TD Cowen increased their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Bank of America raised their target price on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Scotiabank raised their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday, September 4th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.05.

GitLab Profile

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.