Dynamic Technology Lab Private Ltd Sells 38,971 Shares of GitLab Inc. (NASDAQ:GTLB)

Dynamic Technology Lab Private Ltd lessened its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 81.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,125 shares of the company’s stock after selling 38,971 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in GitLab were worth $470,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC bought a new position in GitLab during the 3rd quarter worth $52,000. Rakuten Securities Inc. boosted its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP boosted its holdings in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of GitLab in the 3rd quarter valued at $96,000. Finally, Canton Hathaway LLC boosted its holdings in shares of GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after purchasing an additional 435 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

GitLab Trading Down 0.1 %

GTLB stock opened at $63.75 on Friday. The stock has a 50-day moving average price of $56.60 and a 200-day moving average price of $51.97. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The firm has a market cap of $10.23 billion, a PE ratio of -27.24 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the company posted ($0.29) EPS. The business’s quarterly revenue was up 30.8% on a year-over-year basis. On average, analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GTLB. TD Cowen raised their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Morgan Stanley began coverage on GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 target price on the stock. BTIG Research raised their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Scotiabank raised their price objective on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Finally, UBS Group raised their price objective on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.17.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock valued at $10,569,356 in the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab 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.