Glynn Capital Management LLC Lowers Stake in GitLab Inc. (NASDAQ:GTLB)

Glynn Capital Management LLC lessened its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 416,925 shares of the company's stock after selling 14,430 shares during the period. GitLab comprises approximately 4.2% of Glynn Capital Management LLC's portfolio, making the stock its 12th largest position. Glynn Capital Management LLC owned 0.26% of GitLab worth $20,730,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fiera Capital Corp boosted its holdings in GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company's stock valued at $75,540,000 after purchasing an additional 5,446 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company's stock worth $33,478,000 after acquiring an additional 51,612 shares during the last quarter. Blair William & Co. IL grew its holdings in GitLab by 55.3% during the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company's stock worth $2,413,000 after acquiring an additional 14,738 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of GitLab in the 1st quarter valued at approximately $58,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of GitLab by 520.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company's stock valued at $47,134,000 after purchasing an additional 627,999 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company's stock.

GitLab Stock Up 2.8 %

Shares of NASDAQ GTLB traded up $1.50 during midday trading on Thursday, hitting $55.85. The company had a trading volume of 4,383,441 shares, compared to its average volume of 2,581,981. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of -20.25 and a beta of 0.46. GitLab Inc. has a twelve month low of $40.19 and a twelve month high of $78.53. The business has a 50-day simple moving average of $48.86 and a two-hundred day simple moving average of $53.12.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.05. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period last year, the firm earned ($0.29) EPS. The company's revenue for the quarter was up 30.8% on a year-over-year basis. On average, equities analysts forecast that GitLab Inc. will post -0.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on GTLB. Baird R W raised GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. 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. Cantor Fitzgerald restated an "overweight" rating and issued a $55.00 price objective on shares of GitLab in a research note on Monday, August 19th. TD Cowen boosted their target price on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Needham & Company LLC restated a "hold" rating on shares of GitLab in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $65.83.

Insider Activity

In related news, CFO Brian G. Robins sold 11,667 shares of the business's stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the sale, the chief financial officer now directly owns 305,175 shares in the company, valued at approximately $13,293,423. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm's stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the sale, the chief financial officer now owns 305,175 shares of the company's stock, valued at approximately $13,293,423. The disclosure for this sale can be found here. Insiders sold a total of 140,275 shares of company stock worth $6,848,847 over the last 90 days. 21.36% of the stock is currently 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.