Glenmede Trust Co. NA Acquires 334 Shares of GitLab Inc. (NASDAQ:GTLB)

Glenmede Trust Co. NA lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 3.0% in the third quarter, Holdings Channel.com reports. The fund owned 11,564 shares of the company’s stock after purchasing an additional 334 shares during the period. Glenmede Trust Co. NA’s holdings in GitLab were worth $596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. Tidal Investments LLC purchased a new stake in GitLab in the first quarter worth $922,000. Comerica Bank grew its stake in GitLab by 2,076.2% in the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after purchasing an additional 63,323 shares during the period. Cetera Advisors LLC purchased a new stake in GitLab in the first quarter worth $368,000. Harbor Capital Advisors Inc. grew its stake in GitLab by 88.0% in the second quarter. Harbor Capital Advisors Inc. now owns 31,605 shares of the company’s stock worth $1,571,000 after purchasing an additional 14,798 shares during the period. Finally, CWM LLC grew its stake in GitLab by 24.9% in the second quarter. CWM LLC now owns 46,501 shares of the company’s stock worth $2,312,000 after purchasing an additional 9,272 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GTLB. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. BTIG Research increased their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. TD Cowen increased their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Robert W. Baird increased their target price on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average target price of $67.17.

Insider Transactions at GitLab

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

GitLab Stock Up 1.4 %

NASDAQ GTLB opened at $63.86 on Wednesday. The stock’s 50-day moving average price is $57.01 and its 200-day moving average price is $52.02. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The company has a market capitalization 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 data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping 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 firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter last year, the company earned ($0.29) earnings per share. The business’s revenue for the quarter was up 30.8% compared to the same quarter last year. Research analysts anticipate that GitLab Inc. will post -0.41 EPS for the current year.

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.