Caprock Group LLC Sells 1,395 Shares of GitLab Inc. (NASDAQ:GTLB)

Caprock Group LLC lowered its position in GitLab Inc. (NASDAQ:GTLB) by 4.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,877 shares of the company’s stock after selling 1,395 shares during the period. Caprock Group LLC’s holdings in GitLab were worth $1,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Bank of Marin raised its stake in shares of GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares in the last quarter. Moloney Securities Asset Management LLC raised its stake in shares of GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after acquiring an additional 300 shares in the last quarter. Canton Hathaway LLC raised its stake 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 acquiring an additional 435 shares in the last quarter. Blue Trust Inc. raised its stake in shares of GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after acquiring an additional 548 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Insider Activity

In other news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. Insiders sold a total of 185,033 shares of company stock valued at $10,569,356 in the last 90 days. Company insiders own 21.36% of the company’s stock.

GitLab Trading Up 2.0 %

Shares of NASDAQ GTLB opened at $62.15 on Thursday. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The stock has a market cap of $9.98 billion, a PE ratio of -26.03 and a beta of 0.45. The company has a 50-day moving average of $54.73 and a 200 day moving average of $51.32.

GitLab (NASDAQ:GTLB) last announced 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 net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter in the prior year, the company earned ($0.29) EPS. GitLab’s revenue was up 30.8% compared to the same quarter last year. On average, sell-side analysts forecast that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. TD Cowen lifted their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. UBS Group lifted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company lifted their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Morgan Stanley initiated coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective for the company. Finally, Bank of America boosted their target price on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three research 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 has an average rating of “Moderate Buy” and a consensus target price of $66.38.

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.