Glynn Capital Management LLC Buys 37,533 Shares of GitLab Inc. (NASDAQ:GTLB)

Key Points

• Glynn Capital Management LLC increased its stake in GitLab Inc. by 12.2%, holding 345,833 shares valued at approximately $16.25 million, making it the firm's 13th largest holding.
• A significant insider transaction occurred when CFO Brian G. Robins sold 45,000 shares at an average price of $53.04, reducing his holdings by 11.57%.
• Analysts have mixed views on GitLab's stock, with targets ranging from $50.00 to $75.00, and an average rating of "Moderate Buy" based on recent evaluations.

Glynn Capital Management LLC raised its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 12.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 345,833 shares of the company's stock after purchasing an additional 37,533 shares during the quarter. GitLab accounts for approximately 4.3% of Glynn Capital Management LLC's investment portfolio, making the stock its 13th biggest position. Glynn Capital Management LLC owned about 0.21% of GitLab worth $16,254,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GTLB. GAMMA Investing LLC increased its holdings in shares of GitLab by 9,968.3% during the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after buying an additional 42,764 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of GitLab by 5.3% during the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock worth $357,000 after purchasing an additional 381 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its position in shares of GitLab by 19.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock worth $309,000 after purchasing an additional 1,065 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of GitLab during the 1st quarter worth about $200,000. Finally, American Century Companies Inc. lifted its position in GitLab by 314.9% in the 4th quarter. American Century Companies Inc. now owns 38,734 shares of the company's stock valued at $2,183,000 after acquiring an additional 29,399 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Raymond James Financial dropped their price target on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. DA Davidson decreased their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Scotiabank decreased their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. Barclays decreased their price objective on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research note on Wednesday, June 11th. Finally, Wells Fargo & Company decreased their price objective on shares of GitLab from $65.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Five investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.63.

GitLab Trading Down 3.4%

Shares of GTLB traded down $1.65 during mid-day trading on Tuesday, reaching $46.73. 1,709,161 shares of the stock traded hands, compared to its average volume of 3,401,660. The firm has a fifty day moving average price of $45.34 and a 200 day moving average price of $51.78. The company has a market cap of $7.72 billion, a price-to-earnings ratio of 466.56 and a beta of 0.74. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the previous year, the business earned $0.03 earnings per share. The firm's quarterly revenue was up 26.8% compared to the same quarter last year. On average, sell-side analysts anticipate that GitLab Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the completion of the sale, the director directly owned 551,997 shares in the company, valued at $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 509,950 shares of company stock valued at $23,288,223. Corporate insiders own 21.36% of the company's stock.

GitLab 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.