GitLab Inc. (NASDAQ:GTLB) Shares Sold by Marcho Partners LLP

Key Points

• Marcho Partners LLP decreased its stake in GitLab Inc. by 13.8% in Q1, now holding 331,785 shares valued at $15.6 million, making it the fund's 8th largest position.
• GitLab's reported quarterly earnings beat expectations with $0.17 EPS and revenue of $214.51 million, reflecting a 26.8% year-over-year increase.
• Institutional investors hold approximately 95.04% of GitLab's stock, indicating significant confidence from large financial entities in the company's performance and stability.

Marcho Partners LLP trimmed its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 13.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 331,785 shares of the company's stock after selling 52,938 shares during the period. GitLab makes up approximately 5.7% of Marcho Partners LLP's investment portfolio, making the stock its 8th largest position. Marcho Partners LLP owned about 0.20% of GitLab worth $15,594,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of GitLab by 87.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 2,185 shares of the company's stock valued at $103,000 after purchasing an additional 1,018 shares in the last quarter. LGT Group Foundation acquired a new stake in shares of GitLab in the 1st quarter valued at approximately $993,000. HighTower Advisors LLC raised its holdings in GitLab by 16.6% in the 1st quarter. HighTower Advisors LLC now owns 5,981 shares of the company's stock valued at $281,000 after buying an additional 851 shares during the last quarter. Nuveen LLC bought a new position in GitLab in the 1st quarter valued at approximately $18,039,000. Finally, Aigen Investment Management LP bought a new position in GitLab in the 1st quarter valued at approximately $887,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GTLB. Raymond James Financial dropped their price objective on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $62.00 price objective on shares of GitLab in a report on Wednesday, June 25th. Mizuho dropped 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. KeyCorp lowered their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price target on shares of GitLab in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and a consensus target price of $62.63.

GitLab Stock Up 8.1%

GitLab stock traded up $3.33 during midday trading on Friday, hitting $44.28. 5,406,700 shares of the company were exchanged, compared to its average volume of 3,796,829. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The business has a fifty day simple moving average of $44.03 and a two-hundred day simple moving average of $49.90.

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

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 129,400 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was 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 owned 551,997 shares of the company's stock, valued at $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $43.33, for a total value of $4,705,638.00. The disclosure for this sale can be found here. Insiders sold a total of 353,100 shares of company stock valued at $14,974,730 over the last quarter. 16.37% of the stock is owned by insiders.

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.