DekaBank Deutsche Girozentrale Sells 29,375 Shares of GitLab Inc. (NASDAQ:GTLB)

DekaBank Deutsche Girozentrale lessened its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 11.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 220,227 shares of the company's stock after selling 29,375 shares during the period. DekaBank Deutsche Girozentrale owned 0.14% of GitLab worth $11,255,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GTLB. Park Avenue Securities LLC raised its position in GitLab by 9.6% in the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company's stock worth $207,000 after purchasing an additional 311 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in GitLab by 629.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 63,904 shares of the company's stock valued at $3,727,000 after acquiring an additional 75,981 shares during the last quarter. Diversified Trust Co increased its position in GitLab by 181.6% in the first quarter. Diversified Trust Co now owns 12,188 shares of the company's stock worth $711,000 after purchasing an additional 7,860 shares during the period. Allspring Global Investments Holdings LLC lifted its position in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock valued at $33,000 after purchasing an additional 548 shares during the period. Finally, State of Michigan Retirement System bought a new position in shares of GitLab in the 1st quarter valued at about $1,008,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GTLB shares. Needham & Company LLC upgraded shares of GitLab from a "hold" rating to a "buy" rating and set a $70.00 price objective on the stock in a report on Monday, October 21st. TD Cowen increased their price target on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Royal Bank of Canada lifted their price objective on GitLab from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 4th. Robert W. Baird increased their target price on GitLab from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Finally, Bank of America raised their target price on GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and an average target price of $66.38.

Insider Buying and Selling at GitLab

In other GitLab news, insider Robin Schulman sold 2,990 shares of the business's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Robin Schulman sold 2,990 shares of the business's stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares of the company's stock, valued at $7,484,180. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total value of $177,840.00. Following the completion of the sale, the director now owns 141,233 shares of the company's stock, valued at $7,728,269.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,341 shares of company stock valued at $4,374,604. 21.36% of the stock is owned by company insiders.

GitLab Stock Down 1.5 %

Shares of NASDAQ:GTLB traded down $0.81 on Thursday, hitting $53.75. 1,070,175 shares of the company traded hands, compared to its average volume of 2,370,901. The stock has a 50 day simple moving average of $52.04 and a 200-day simple moving average of $50.85. The company has a market cap of $8.63 billion, a PE ratio of -23.12 and a beta of 0.46. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (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 for the quarter, compared to analysts' expectations of $176.86 million. During the same period in the prior year, the firm posted ($0.29) EPS. The firm's quarterly revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts anticipate that GitLab Inc. will post -0.41 earnings per share 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.