GitLab Inc. $GTLB Shares Sold by Sandler Capital Management

Key Points

• Sandler Capital Management reduced its stake in GitLab Inc. by 12.2%, holding approximately $2.57 million worth of shares after selling 7,624 during the 1st quarter.
• Several hedge funds significantly increased their positions in GitLab, with 1832 Asset Management raising its holdings by over 2,456.8% to approximately $107.87 million.
• Insider transactions included notable sales by Directors Sytse Sijbrandij and Matthew Jacobson, who sold shares valued at around $4.9 million and $5.5 million, respectively.

Sandler Capital Management cut its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 12.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,748 shares of the company's stock after selling 7,624 shares during the period. Sandler Capital Management's holdings in GitLab were worth $2,573,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in GitLab by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock valued at $631,936,000 after purchasing an additional 302,864 shares during the period. Eminence Capital LP boosted its position in GitLab by 13.6% during the first quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock valued at $117,415,000 after acquiring an additional 299,191 shares during the last quarter. Ameriprise Financial Inc. boosted its position in GitLab by 15.4% during the first quarter. Ameriprise Financial Inc. now owns 2,487,608 shares of the company's stock valued at $116,919,000 after acquiring an additional 332,592 shares during the last quarter. ARK Investment Management LLC boosted its position in GitLab by 109.1% during the first quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock valued at $114,038,000 after acquiring an additional 1,265,830 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its position in shares of GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock worth $107,865,000 after purchasing an additional 2,205,238 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Performance

Shares of NASDAQ GTLB traded up $0.19 during midday trading on Wednesday, reaching $48.36. The stock had a trading volume of 2,742,618 shares, compared to its average volume of 3,756,373. The stock has a 50-day moving average of $44.90 and a 200-day moving average of $46.95. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of -1,211.43 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. GitLab's revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. As a group, analysts forecast that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of research analyst reports. Canaccord Genuity Group cut their price objective on shares of GitLab from $76.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. KeyCorp decreased their price objective on shares of GitLab from $60.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. Barclays decreased their price objective on shares of GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a research note on Friday, September 5th. Wells Fargo & Company decreased their price target on shares of GitLab from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. Finally, BTIG Research cut their price target on shares of GitLab from $67.00 to $57.00 and set a "buy" rating for the company in a report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and an average target price of $58.39.

Insider Transactions at GitLab

In other news, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the sale, the director owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This represents a 18.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction on Monday, August 18th. The stock was 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 quarter, insiders sold 464,950 shares of company stock valued at $20,025,356. Company insiders own 21.36% 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.