ClariVest Asset Management LLC Trims Stake in GitLab Inc. (NASDAQ:GTLB)

ClariVest Asset Management LLC reduced its position in GitLab Inc. (NASDAQ:GTLB) by 7.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 36,628 shares of the company’s stock after selling 2,971 shares during the period. ClariVest Asset Management LLC’s holdings in GitLab were worth $2,136,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Byrne Asset Management LLC purchased a new stake in shares of GitLab in the 1st quarter valued at about $33,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of GitLab by 2,107.7% in 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 last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of GitLab in the 1st quarter valued at about $58,000. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab in the 1st quarter valued at about $58,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of GitLab in the 4th quarter valued at about $71,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other GitLab news, Director Merline Saintil sold 1,182 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the completion of the transaction, the director now owns 9,902 shares of the company’s stock, valued at $510,052.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Monday, April 15th. The stock was sold at an average price of $54.92, for a total value of $3,075,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Merline Saintil sold 1,182 shares of GitLab stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the sale, the director now directly owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 106,611 shares of company stock valued at $5,473,635. Corporate insiders own 21.36% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. DA Davidson reduced their target price on GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, June 4th. BTIG Research decreased their price objective on GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Bank of America dropped their target price on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Wells Fargo & Company began coverage on GitLab in a report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price target for the company. Finally, Canaccord Genuity Group lowered their price objective on shares of GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $67.30.

GitLab Stock Performance

NASDAQ GTLB traded down $1.13 during mid-day trading on Friday, hitting $50.95. The stock had a trading volume of 1,853,135 shares, compared to its average volume of 2,684,108. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53. The company has a 50 day simple moving average of $50.15 and a 200 day simple moving average of $58.29.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. Sell-side analysts expect that GitLab Inc. will post -0.5 EPS for the current fiscal year.

GitLab Company 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.