GitLab Inc. (NASDAQ:GTLB) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 10.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 410,444 shares of the company's stock after selling 49,858 shares during the period. Victory Capital Management Inc. owned 0.25% of GitLab worth $19,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after purchasing an additional 885,955 shares in the last quarter. Norges Bank purchased a new position in shares of GitLab in the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership increased its stake in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. increased its stake in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after buying an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director owned 107,139 shares of the company's stock, valued at approximately $4,821,255. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the transaction, the director owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. The trade was a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock worth $23,288,223 over the last quarter. 16.37% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GTLB has been the topic of a number of recent analyst reports. Macquarie reiterated an "outperform" rating and issued a $75.00 price objective on shares of GitLab in a report on Wednesday, June 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 price objective on shares of GitLab in a research report on Tuesday, June 24th. Scotiabank dropped their target price on GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a report on Friday, June 6th. JPMorgan Chase & Co. dropped their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, June 11th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $62.00 price objective on shares of GitLab in a report on Wednesday, June 25th. Five equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $62.63.

GitLab Stock Up 2.5%

Shares of GitLab stock traded up $1.17 during trading hours on Friday, reaching $47.96. 1,636,031 shares of the stock traded hands, compared to its average volume of 3,411,441. The company has a 50 day moving average price of $45.42 and a 200 day moving average price of $52.08. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 479.20 and a beta of 0.74. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same quarter last year, the business posted $0.03 earnings per share. The company's revenue for the quarter was up 26.8% compared to the same quarter last year. Sell-side analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

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.