Tran Capital Management L.P. Boosts Stock Position in GitLab Inc. $GTLB

Key Points

• Tran Capital Management L.P. increased its stake in GitLab Inc. by 28.3%, now owning 406,252 shares valued at approximately $18.33 million.
• Insider transactions reported significant sales, with Director Matthew Jacobson selling 396,147 shares worth over $20 million, indicating a 84.39% decrease in their ownership.
• GitLab has a market capitalization of $8.37 billion, with a current stock price around $50.20 and a consensus price target of $58.88 among analysts.

Tran Capital Management L.P. raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 28.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 406,252 shares of the company's stock after acquiring an additional 89,717 shares during the period. GitLab makes up about 2.2% of Tran Capital Management L.P.'s portfolio, making the stock its 18th biggest position. Tran Capital Management L.P. owned about 0.25% of GitLab worth $18,326,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after acquiring an additional 42,764 shares during the period. Park Avenue Securities LLC lifted its stake in shares of GitLab by 5.3% in the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after purchasing an additional 381 shares during the period. Focus Partners Wealth lifted its stake in shares of GitLab by 42.5% in the 1st quarter. Focus Partners Wealth now owns 252,586 shares of the company's stock valued at $11,871,000 after purchasing an additional 75,331 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in shares of GitLab by 19.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after purchasing an additional 1,065 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of GitLab in the 1st quarter valued at $200,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 47,300 shares of the company's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $50.05, for a total value of $2,367,365.00. Following the completion of the sale, the director owned 63,341 shares of the company's stock, valued at approximately $3,170,217.05. This represents a 42.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $50.14, for a total transaction of $5,445,204.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,054,852 shares of company stock valued at $50,219,603. 21.36% of the stock is owned by company insiders.

GitLab Price Performance

Shares of GTLB traded down $0.59 during mid-day trading on Tuesday, reaching $48.89. The stock had a trading volume of 1,881,480 shares, compared to its average volume of 3,830,734. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The business's fifty day moving average is $45.74 and its 200 day moving average is $46.23. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of -1,221.53 and a beta of 0.74.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Piper Sandler reduced their price objective on shares of GitLab from $85.00 to $70.00 and set an "overweight" rating for the company in a research report on Thursday, September 4th. The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price objective on shares of GitLab in a research report on Tuesday, June 24th. Guggenheim assumed coverage on shares of GitLab in a research report on Thursday, September 11th. They set a "buy" rating and a $70.00 price objective for the company. UBS Group reduced their price objective on shares of GitLab from $73.00 to $60.00 and set a "buy" rating for the company in a research report on Thursday, September 4th. Finally, Capital One Financial cut shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price objective for the company. in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.88.

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.