Brighton Jones LLC Lowers Stake in GitLab Inc. (NASDAQ:GTLB)

Brighton Jones LLC cut its stake in GitLab Inc. (NASDAQ:GTLB) by 5.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 99,719 shares of the company’s stock after selling 6,082 shares during the quarter. Brighton Jones LLC owned about 0.06% of GitLab worth $6,278,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Ramirez Asset Management Inc. purchased a new position in GitLab in the third quarter valued at about $36,000. SRS Capital Advisors Inc. purchased a new position in shares of GitLab in the 3rd quarter worth approximately $40,000. Harvest Fund Management Co. Ltd purchased a new position in shares of GitLab in the 4th quarter worth approximately $71,000. Canton Hathaway LLC raised its stake in shares of GitLab by 100.0% during the 4th quarter. Canton Hathaway LLC now owns 1,188 shares of the company’s stock worth $75,000 after acquiring an additional 594 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new stake in GitLab during the fourth quarter valued at approximately $132,000. 91.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Bank of America reduced their price target on GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Canaccord Genuity Group reissued a “buy” rating and issued a $74.00 price target on shares of GitLab in a report on Tuesday, March 5th. Cantor Fitzgerald dropped their price target on GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 5th. KeyCorp started coverage on shares of GitLab in a research report on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 price objective for the company. Finally, Raymond James raised shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.73.

Insider Buying and Selling at GitLab

In other news, insider Robin Schulman sold 30,543 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the completion of the sale, the insider now owns 60,132 shares of the company’s stock, valued at $4,516,514.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Robin Schulman sold 30,543 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $75.11, for a total value of $2,294,084.73. Following the transaction, the insider now owns 60,132 shares in the company, valued at $4,516,514.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 13,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $72.56, for a total value of $943,280.00. Following the sale, the chief financial officer now owns 319,300 shares of the company’s stock, valued at $23,168,408. The disclosure for this sale can be found here. Insiders have sold a total of 476,926 shares of company stock valued at $26,869,893 over the last ninety days. Corporate insiders own 28.04% of the company’s stock.

GitLab Trading Down 5.2 %

Shares of GitLab stock traded down $2.88 during trading hours on Tuesday, reaching $52.47. The stock had a trading volume of 1,696,758 shares, compared to its average volume of 2,558,307. GitLab Inc. has a twelve month low of $26.24 and a twelve month high of $78.53. The stock’s 50 day moving average is $59.51 and its 200 day moving average is $58.46.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. The company had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. During the same quarter in the prior year, the business posted ($0.26) earnings per share. GitLab’s revenue for the quarter was up 33.3% on a year-over-year basis. As a group, equities analysts predict that GitLab Inc. will post -0.96 earnings per share for the current fiscal 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.