Baillie Gifford & Co. Lowers Position in GitLab Inc. (NASDAQ:GTLB)

Baillie Gifford & Co. lessened its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 16.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 94,443 shares of the company's stock after selling 19,131 shares during the quarter. Baillie Gifford & Co. owned about 0.06% of GitLab worth $5,946,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in GTLB. FMR LLC boosted its position in shares of GitLab by 80.0% during the third quarter. FMR LLC now owns 603 shares of the company's stock worth $27,000 after acquiring an additional 268 shares during the last quarter. Ossiam purchased a new stake in GitLab in the 1st quarter worth $27,000. Quarry LP bought a new position in shares of GitLab during the 2nd quarter valued at about $30,000. Ramirez Asset Management Inc. purchased a new position in shares of GitLab during the third quarter valued at about $36,000. Finally, SRS Capital Advisors Inc. bought a new stake in shares of GitLab in the third quarter worth about $40,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

GitLab Stock Up 0.3 %

Shares of GitLab stock traded up $0.16 during midday trading on Thursday, hitting $58.11. The company had a trading volume of 1,792,236 shares, compared to its average volume of 2,739,827. The stock has a market cap of $9.22 billion, a price-to-earnings ratio of -21.13 and a beta of 0.45. The company has a fifty day simple moving average of $64.07 and a 200 day simple moving average of $57.50. GitLab Inc. has a 12-month low of $26.24 and a 12-month high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The firm had revenue of $163.80 million for the quarter, compared to analyst estimates of $157.89 million. During the same period last year, the company earned ($0.26) earnings per share. GitLab's revenue for the quarter was up 33.3% compared to the same quarter last year. As a group, analysts expect that GitLab Inc. will post -0.96 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Truist Financial restated a "buy" rating and set a $80.00 price target on shares of GitLab in a report on Monday, April 1st. UBS Group cut their target price on shares of GitLab from $81.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, March 5th. DA Davidson decreased their price target on shares of GitLab from $75.00 to $65.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 5th. Mizuho dropped their price objective on shares of GitLab from $87.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, March 5th. Finally, Sanford C. Bernstein upped their target price on shares of GitLab from $71.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, March 5th. Four analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $70.76.

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 380,000 shares of the business's stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $62.32, for a total transaction of $23,681,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Robin Schulman sold 1,704 shares of the business's stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $110,760.00. Following the transaction, the insider now directly owns 60,132 shares in the company, valued at $3,908,580. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 380,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $62.32, for a total transaction of $23,681,600.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 893,342 shares of company stock valued at $54,059,697. 28.04% of the stock is owned by corporate insiders.

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.