Jackson Square Capital LLC Sells 28,050 Shares of GitLab Inc. (NASDAQ:GTLB)

Jackson Square Capital LLC trimmed its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 76.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,550 shares of the company's stock after selling 28,050 shares during the quarter. Jackson Square Capital LLC's holdings in GitLab were worth $402,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in GitLab during the fourth quarter worth $279,089,000. Ameriprise Financial Inc. raised its stake in GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership lifted its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. boosted its position in GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after purchasing an additional 1,420,248 shares during the period. Finally, Marshall Wace LLP grew its stake in GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock worth $61,654,000 after buying an additional 931,396 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. DA Davidson reduced their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Mizuho reduced their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Needham & Company LLC decreased their target price on shares of GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Morgan Stanley boosted their price target on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Macquarie decreased their price objective on shares of GitLab from $90.00 to $75.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Price Performance

GTLB stock traded down $0.21 during midday trading on Tuesday, reaching $41.87. The company had a trading volume of 4,425,936 shares, compared to its average volume of 2,771,721. The stock has a 50 day moving average price of $46.48 and a 200-day moving average price of $55.13. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The company has a market capitalization of $6.87 billion, a price-to-earnings ratio of -130.84 and a beta of 0.75.

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

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the sale, the director now directly owns 111,983 shares in the company, valued at $5,039,235. The trade was a 2.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the chief financial officer now directly owns 344,105 shares of the company's stock, 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. Over the last quarter, insiders sold 461,584 shares of company stock valued at $23,192,574. Company insiders own 16.37% of the company's stock.

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.