Oppenheimer Asset Management Inc. Reduces Stake in GitLab Inc. (NASDAQ:GTLB)

Oppenheimer Asset Management Inc. cut its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 1.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,926 shares of the company’s stock after selling 309 shares during the period. Oppenheimer Asset Management Inc.’s holdings in GitLab were worth $1,079,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Moloney Securities Asset Management LLC increased its position in GitLab by 4.9% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after purchasing an additional 300 shares during the period. Canton Hathaway LLC increased its position in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after buying an additional 435 shares during the period. Blue Trust Inc. raised its stake in GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after buying an additional 488 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Finally, Caprock Group LLC boosted its position in GitLab by 1.9% during the 2nd quarter. Caprock Group LLC now owns 31,272 shares of the company’s stock valued at $1,555,000 after acquiring an additional 586 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 2,990 shares of the 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 transaction, the insider now directly owns 136,076 shares of the company’s stock, valued at approximately $7,484,180. The trade was a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,007 shares of company stock valued at $5,320,233 over the last 90 days. Company insiders own 21.36% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on GTLB shares. Bank of America upped their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Robert W. Baird upped their price objective on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Scotiabank lifted their target price on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. TD Cowen boosted their price target on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley assumed coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective for the company. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average price target of $66.38.

GitLab Stock Up 0.2 %

Shares of GTLB opened at $59.96 on Tuesday. The business has a 50-day simple moving average of $54.50 and a two-hundred day simple moving average of $51.24. The stock has a market cap of $9.62 billion, a price-to-earnings ratio of -25.62 and a beta of 0.45. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.29) earnings per share. On average, equities analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

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.