Tran Capital Management L.P. Cuts Stock Position in GitLab Inc. (NASDAQ:GTLB)

Tran Capital Management L.P. reduced its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 9.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 316,535 shares of the company's stock after selling 34,643 shares during the period. GitLab makes up about 2.0% of Tran Capital Management L.P.'s holdings, making the stock its 19th largest holding. Tran Capital Management L.P. owned 0.20% of GitLab worth $14,877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares during the period. CoreCap Advisors LLC increased its holdings in shares of GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares during the period. IMG Wealth Management Inc. purchased a new position in shares of GitLab in the fourth quarter worth about $46,000. GAMMA Investing LLC increased its holdings in shares of GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after buying an additional 490 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after buying an additional 1,153 shares during the period. 95.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GTLB shares. Cantor Fitzgerald reduced their price target on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday. Canaccord Genuity Group lowered their price target on GitLab from $78.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday. KeyCorp lowered their price target on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Needham & Company LLC reduced their price objective on GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Morgan Stanley upped their price target on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Price Performance

Shares of NASDAQ:GTLB traded up $0.34 during trading on Thursday, hitting $43.71. The company had a trading volume of 8,673,797 shares, compared to its average volume of 2,728,042. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of -136.59 and a beta of 0.75. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company has a fifty day simple moving average of $46.42 and a two-hundred day simple moving average of $55.73.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period last year, the company earned $0.03 EPS. GitLab's quarterly revenue was up 26.8% compared to the same quarter last year. On average, equities research analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the transaction, the chief financial officer now owns 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 461,584 shares of company stock valued at $23,192,574. Insiders own 16.37% of the company's stock.

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.