Primecap Management Co. CA Sells 5,700 Shares of GitLab Inc. (NASDAQ:GTLB)

Primecap Management Co. CA decreased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 0.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 821,340 shares of the company’s stock after selling 5,700 shares during the period. Primecap Management Co. CA owned 0.51% of GitLab worth $42,332,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new stake in GitLab in the third quarter worth about $52,000. Rakuten Securities Inc. lifted its stake 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 during the period. Quarry LP boosted its position in shares of GitLab by 527.0% during the second 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 bought a new position in GitLab in the third quarter worth $96,000. Finally, Canton Hathaway LLC lifted its position in GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after buying an additional 435 shares during the period. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Trading Up 4.3 %

Shares of GTLB stock opened at $64.80 on Friday. The company has a market cap of $10.40 billion, a PE ratio of -27.44 and a beta of 0.45. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The business’s fifty day simple moving average is $54.86 and its 200-day simple moving average is $51.39.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period last year, the business posted ($0.29) earnings per share. The firm’s revenue was up 30.8% compared to the same quarter last year. On average, equities analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 16,668 shares of the firm’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 transaction, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The stock was 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. In the last quarter, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on GTLB. DA Davidson reaffirmed a “neutral” rating and set a $50.00 target price on shares of GitLab in a research note on Monday, October 14th. Scotiabank lifted their price objective on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Wednesday, September 4th. Wells Fargo & Company raised their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Baird R W raised GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, October 21st. Three 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.67.

GitLab Company 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.