Sycomore Asset Management Increases Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Sycomore Asset Management lifted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 262.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 47,183 shares of the company’s stock after acquiring an additional 34,183 shares during the period. Sycomore Asset Management’s holdings in GitLab were worth $3,026,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Ramirez Asset Management Inc. acquired a new stake in GitLab during the 3rd quarter valued at approximately $36,000. SRS Capital Advisors Inc. acquired a new stake in GitLab during the 3rd quarter valued at approximately $40,000. Impact Partnership Wealth LLC acquired a new stake in GitLab during the 3rd quarter valued at approximately $41,000. Harvest Fund Management Co. Ltd acquired a new stake in GitLab during the 4th quarter valued at approximately $71,000. Finally, 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 purchasing an additional 594 shares in the last quarter. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at GitLab

In other GitLab news, insider Robin Schulman sold 15,712 shares of GitLab 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 of the company’s stock, valued at approximately $4,511,102.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Robin Schulman sold 15,712 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $75.02, for a total value of $1,178,714.24. Following the sale, the insider now owns 60,132 shares of the company’s stock, valued at approximately $4,511,102.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Erin Mannix sold 958 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total value of $57,029.74. Following the completion of the sale, the chief accounting officer now directly owns 74,908 shares in the company, valued at approximately $4,459,273.24. The disclosure for this sale can be found here. Insiders have sold 492,638 shares of company stock valued at $28,048,607 in the last quarter. Corporate insiders own 28.04% of the company’s stock.

GitLab Price Performance

NASDAQ:GTLB traded up $0.30 during midday trading on Wednesday, reaching $56.38. 1,646,833 shares of the company traded hands, compared to its average volume of 2,615,464. GitLab Inc. has a twelve month low of $26.24 and a twelve month high of $78.53. The firm has a market capitalization of $8.94 billion, a price-to-earnings ratio of -20.50 and a beta of 0.45. The company has a fifty day moving average price of $60.59 and a 200 day moving average price of $58.21.

GitLab (NASDAQ:GTLB) last announced its earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.07. The firm 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%. The firm’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.26) EPS. On average, equities research analysts forecast that GitLab Inc. will post -0.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GTLB shares. Raymond James upgraded GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research note on Friday, April 12th. Wolfe Research upgraded GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 target price for the company in a research report on Wednesday, March 6th. Mizuho decreased their target price on GitLab from $87.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Canaccord Genuity Group reiterated a “buy” rating and issued a $74.00 target price on shares of GitLab in a research report on Tuesday, March 5th. Finally, TD Cowen decreased their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus price target of $70.73.

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.