GitLab Inc. (NASDAQ:GTLB) Shares Sold by ClariVest Asset Management LLC

ClariVest Asset Management LLC trimmed its position in GitLab Inc. (NASDAQ:GTLB) by 36.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,287 shares of the company’s stock after selling 13,341 shares during the period. ClariVest Asset Management LLC’s holdings in GitLab were worth $1,158,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC lifted its holdings in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the period. Banque Cantonale Vaudoise acquired a new stake in GitLab in the 1st quarter valued at about $58,000. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the 1st quarter valued at about $58,000. Quarry LP boosted its position in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new position in shares of GitLab in the 4th quarter worth approximately $83,000. 91.72% of the stock is owned by institutional investors.

GitLab Stock Down 1.6 %

GTLB stock opened at $55.29 on Thursday. The firm has a 50 day moving average of $49.23 and a two-hundred day moving average of $52.58. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of -20.11 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the company posted ($0.29) earnings per share. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. On average, research analysts expect that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GTLB shares. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 target price on shares of GitLab in a report on Monday, August 19th. Needham & Company LLC reissued a “hold” rating on shares of GitLab in a research note on Wednesday, September 4th. Citic Securities assumed coverage on GitLab in a report on Monday, June 3rd. They issued a “buy” rating and a $80.00 target price on the stock. DA Davidson reaffirmed a “neutral” rating and set a $50.00 target price on shares of GitLab in a report on Thursday, August 29th. Finally, Bank of America lifted their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.87.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The disclosure for this sale can be found here. In the last quarter, insiders have sold 133,609 shares of company stock valued at $6,704,823. Insiders own 21.36% of the company’s stock.

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.