Rhumbline Advisers Decreases Holdings in GitLab Inc. $GTLB

Key Points

• Rhumbline Advisers reduced its holdings in GitLab Inc. by 3.4%, owning 145,160 shares worth approximately $6.82 million at the end of the first quarter.
• Several institutional investors, including Captrust Financial Advisors and Cetera Investment Advisers, significantly increased their stakes in GitLab during the fourth quarter, with increases of 28.3% and 76.4%, respectively.
• GitLab reported $214.51 million in revenue for the quarter, a 26.8% year-over-year increase, and earnings per share of $0.17, beating analyst expectations.

Rhumbline Advisers lessened its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 145,160 shares of the company's stock after selling 5,152 shares during the period. Rhumbline Advisers owned 0.09% of GitLab worth $6,823,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Cullen Frost Bankers Inc. boosted its position in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after buying an additional 334 shares during the last quarter. Cloud Capital Management LLC purchased a new position in GitLab in the first quarter worth $29,000. Twin Tree Management LP purchased a new position in GitLab in the first quarter worth $29,000. Harbour Investments Inc. boosted its position in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the sale, the director directly owned 103,889 shares of the company's stock, valued at $4,675,005. This trade represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.16, for a total transaction of $4,904,376.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 499,555 shares of company stock worth $22,226,966. 21.36% of the stock is currently owned by insiders.

GitLab Stock Down 0.4%

NASDAQ:GTLB traded down $0.21 during trading hours on Monday, hitting $50.09. 5,339,047 shares of the company's stock traded hands, compared to its average volume of 3,830,284. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The business's fifty day simple moving average is $45.13 and its two-hundred day simple moving average is $46.61. The firm has a market cap of $8.35 billion, a P/E ratio of -1,252.25 and a beta of 0.74.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GTLB. Needham & Company LLC restated a "buy" rating and issued a $55.00 target price on shares of GitLab in a research note on Thursday, September 4th. FBN Securities upgraded GitLab to a "strong-buy" rating in a research note on Thursday, September 4th. UBS Group lowered their target price on GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Mizuho lowered their target price on GitLab from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Friday, September 5th. Finally, Barclays lowered their target price on GitLab from $47.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.88.

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.