Algert Global LLC Sells 40,593 Shares of GitLab Inc. (NASDAQ:GTLB)

Algert Global LLC reduced its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 28.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,552 shares of the company's stock after selling 40,593 shares during the quarter. Algert Global LLC owned 0.06% of GitLab worth $5,286,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Future Financial Wealth Managment LLC purchased a new position in GitLab in the third quarter worth $52,000. Rakuten Securities Inc. boosted its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP increased its position in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of GitLab during the 3rd quarter valued at about $96,000. Finally, Canton Hathaway LLC raised its holdings in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock valued at $104,000 after buying an additional 435 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company's stock.

GitLab Trading Down 0.4 %

Shares of NASDAQ GTLB traded down $0.25 during mid-day trading on Monday, hitting $66.37. 2,575,570 shares of the stock traded hands, compared to its average volume of 2,340,026. The stock has a fifty day moving average price of $55.32 and a 200-day moving average price of $51.54. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million for the quarter, compared to analysts' expectations of $176.86 million. During the same quarter in the previous year, the business posted ($0.29) EPS. The company's quarterly revenue was up 30.8% on a year-over-year basis. Research analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Erin Mannix sold 1,433 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company's stock, valued at $3,825,254.40. This trade represents a 1.94 % 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 valued at $10,569,356. Corporate insiders own 21.36% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Needham & Company LLC upgraded shares of GitLab from a "hold" rating to a "buy" rating and set a $70.00 price target on the stock in a research report on Monday, October 21st. Morgan Stanley initiated coverage on shares of GitLab in a report on Wednesday, October 9th. They set an "overweight" rating and a $70.00 target price on the stock. Cantor Fitzgerald raised GitLab to a "strong-buy" rating in a research note on Tuesday, November 12th. DA Davidson reiterated a "neutral" rating and issued a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. Finally, Barclays raised their price target on GitLab from $50.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, GitLab presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.67.

GitLab Company 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.