GitLab Inc. (NASDAQ:GTLB) Shares Sold by Petrus Trust Company LTA

Petrus Trust Company LTA cut its position in shares of GitLab Inc. (NASDAQ:GTLB) by 25.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 11,779 shares of the company’s stock after selling 4,113 shares during the quarter. Petrus Trust Company LTA’s holdings in GitLab were worth $607,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter worth $52,000. True Wealth Design LLC acquired a new position in shares of GitLab in the 3rd quarter worth $56,000. Rakuten Securities Inc. grew its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the last quarter. Quarry LP grew its holdings in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of GitLab in the 3rd quarter worth $96,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares of the company’s stock, valued at $7,484,180. This represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,033 shares of company stock valued at $10,569,356. Insiders own 21.36% of the company’s stock.

GitLab Trading Up 4.2 %

NASDAQ GTLB opened at $66.56 on Thursday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The company has a fifty day simple moving average of $57.31 and a 200 day simple moving average of $52.12. The company has a market cap of $10.68 billion, a P/E ratio of -28.44 and a beta of 0.54.

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

Analysts Set New Price Targets

GTLB has been the topic of a number of recent research reports. Bank of America lifted 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. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. Morgan Stanley started coverage on GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 target price for the company. Baird R W raised GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.58.

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.