Tran Capital Management L.P. Boosts Stock Holdings 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 second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 406,252 shares of the company's stock after purchasing an additional 89,717 shares during the quarter. GitLab accounts for 2.2% of Tran Capital Management L.P.'s portfolio, making the stock its 18th largest position. Tran Capital Management L.P. owned 0.25% of GitLab worth $18,326,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. lifted its position in shares of GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after buying an additional 334 shares during the last quarter. Cloud Capital Management LLC bought a new position in GitLab during the 1st quarter worth about $29,000. Twin Tree Management LP acquired a new stake in GitLab in the 1st quarter valued at about $29,000. Harbour Investments Inc. lifted its position in GitLab by 447.6% during the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after acquiring an additional 734 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of GitLab by 114.2% during the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares during the period. Institutional investors own 95.04% of the company's stock.

GitLab Price Performance

Shares of GitLab stock traded up $0.16 during trading on Friday, hitting $50.20. The stock had a trading volume of 4,131,933 shares, compared to its average volume of 6,254,092. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a market cap of $8.37 billion, a P/E ratio of -1,255.00 and a beta of 0.74. The business has a fifty day moving average of $45.60 and a two-hundred day moving average of $46.27.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. FBN Securities upgraded shares of GitLab to a "strong-buy" rating in a report on Thursday, September 4th. Rosenblatt Securities reiterated a "buy" rating and issued a $58.00 target price on shares of GitLab in a research report on Thursday, September 4th. Wells Fargo & Company dropped their price objective on shares of GitLab from $60.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday, September 4th. Mizuho reduced their target price on shares of GitLab from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Friday, September 5th. Finally, Raymond James Financial reduced their target price on shares of GitLab from $60.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.88.

Insider Activity

In other news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $50.08, for a total value of $162,760.00. Following the sale, the director directly owned 100,639 shares in the company, valued at $5,040,001.12. The trade was a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.16, for a total value of $4,904,376.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,054,852 shares of company stock valued at $50,219,603. Insiders own 21.36% of the company's stock.

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.