GitLab Inc. (NASDAQ:GTLB) Position Cut by IVY Lane Capital Management LLC

IVY Lane Capital Management LLC trimmed its stake in GitLab Inc. (NASDAQ:GTLB) by 12.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 75,000 shares of the company’s stock after selling 11,000 shares during the quarter. GitLab makes up about 3.0% of IVY Lane Capital Management LLC’s investment portfolio, making the stock its 11th largest holding. IVY Lane Capital Management LLC’s holdings in GitLab were worth $4,722,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in GTLB. Ramirez Asset Management Inc. bought a new stake in shares of GitLab during the third quarter valued at about $36,000. SRS Capital Advisors Inc. purchased a new position in GitLab in the 3rd quarter worth about $40,000. Harvest Fund Management Co. Ltd purchased a new position in GitLab during the 4th quarter valued at about $71,000. Canton Hathaway LLC grew its stake in GitLab by 100.0% during the 4th quarter. Canton Hathaway LLC now owns 1,188 shares of the company’s stock valued at $75,000 after acquiring an additional 594 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new position in GitLab during the 3rd quarter valued at about $112,000. 91.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GTLB. DA Davidson lowered their target price on GitLab from $75.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 5th. TD Cowen lowered their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Tuesday, March 5th. KeyCorp started coverage on GitLab in a research note on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 price target for the company. Cantor Fitzgerald lowered their price target on GitLab from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, March 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.73.

GitLab Stock Performance

NASDAQ:GTLB traded down $0.55 during trading hours on Friday, reaching $55.46. The company had a trading volume of 1,675,171 shares, compared to its average volume of 1,618,262. The stock has a 50-day moving average of $59.87 and a two-hundred day moving average of $58.33. GitLab Inc. has a one year low of $26.24 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last announced 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. The company had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The business’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.26) earnings per share. As a group, analysts predict that GitLab Inc. will post -0.96 EPS for the current fiscal year.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 15,712 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $75.02, for a total transaction of $1,178,714.24. Following the sale, the insider now owns 60,132 shares in the company, valued at $4,511,102.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Brian G. Robins sold 13,000 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $72.56, for a total transaction of $943,280.00. Following the transaction, the chief financial officer now owns 319,300 shares of the company’s stock, valued at $23,168,408. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robin Schulman sold 15,712 shares of the stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total value of $1,178,714.24. Following the completion of the transaction, the insider now directly owns 60,132 shares in the company, valued at approximately $4,511,102.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 492,638 shares of company stock worth $28,048,607. Insiders own 28.04% 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.