D.A. Davidson & CO. Cuts Position in GitLab Inc. (NASDAQ:GTLB)

D.A. Davidson & CO. lowered its position in GitLab Inc. (NASDAQ:GTLB) by 10.8% in the third quarter, Holdings Channel reports. The fund owned 8,660 shares of the company’s stock after selling 1,050 shares during the period. D.A. Davidson & CO.’s holdings in GitLab were worth $446,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in shares of GitLab by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock worth $1,514,000 after purchasing an additional 1,417 shares during the last quarter. Qsemble Capital Management LP lifted its holdings in GitLab by 41.7% during the 3rd quarter. Qsemble Capital Management LP now owns 23,256 shares of the company’s stock worth $1,199,000 after buying an additional 6,846 shares during the last quarter. Bank of Montreal Can boosted its position in shares of GitLab by 360.4% during the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock worth $3,058,000 after acquiring an additional 46,343 shares in the last quarter. Whetstone Capital Advisors LLC increased its holdings in shares of GitLab by 60.8% in the 3rd quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company’s stock valued at $5,697,000 after acquiring an additional 41,804 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of GitLab by 772.3% during the 3rd quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock worth $2,902,000 after acquiring an additional 49,852 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Up 1.4 %

Shares of NASDAQ:GTLB opened at $63.86 on Wednesday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The company has a 50-day moving average price of $57.01 and a 200 day moving average price of $52.02. The company has a market cap of $10.25 billion, a P/E ratio of -27.29 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate 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 business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period last year, the firm earned ($0.29) EPS. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. Analysts expect that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GTLB. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Royal Bank of Canada upped 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. Robert W. Baird lifted their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Morgan Stanley assumed coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average target price of $67.17.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

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.