Lisanti Capital Growth LLC Has $2.15 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Lisanti Capital Growth LLC cut its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 49.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,790 shares of the company’s stock after selling 36,670 shares during the period. Lisanti Capital Growth LLC’s holdings in GitLab were worth $2,146,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTLB. Oppenheimer Asset Management Inc. boosted its position in GitLab by 25.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 15,449 shares of the company’s stock valued at $901,000 after acquiring an additional 3,119 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in GitLab by 104.9% during the first quarter. Oppenheimer & Co. Inc. now owns 7,262 shares of the company’s stock worth $424,000 after purchasing an additional 3,718 shares during the period. Sciencast Management LP bought a new stake in GitLab in the first quarter worth approximately $234,000. Moloney Securities Asset Management LLC acquired a new position in GitLab in the first quarter valued at approximately $356,000. Finally, Janney Montgomery Scott LLC lifted its stake in GitLab by 4.5% in the first quarter. Janney Montgomery Scott LLC now owns 32,628 shares of the company’s stock valued at $1,903,000 after buying an additional 1,391 shares during the period. Institutional investors and hedge funds own 91.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GTLB shares. Barclays lowered their price objective on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price objective on shares of GitLab in a report on Friday, June 28th. Bank of America reduced their target price on GitLab from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Cantor Fitzgerald decreased their target price on GitLab from $70.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Finally, Raymond James upgraded GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.30.

GitLab Stock Down 2.2 %

GitLab stock traded down $1.13 during midday trading on Friday, reaching $50.95. The stock had a trading volume of 1,853,135 shares, compared to its average volume of 2,684,108. The firm has a market capitalization of $8.10 billion, a PE ratio of -18.53 and a beta of 0.46. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The firm’s 50-day moving average price is $50.15 and its 200 day moving average price is $58.34.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. Equities research analysts expect that GitLab Inc. will post -0.5 EPS for the current year.

Insider Buying and Selling

In other GitLab news, Director Merline Saintil sold 1,182 shares of GitLab stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the completion of the transaction, the director now owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Merline Saintil sold 1,182 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the transaction, the director now directly owns 9,902 shares in the company, valued at $510,052.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 23,334 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the sale, the chief financial officer now directly owns 282,441 shares in the company, valued at approximately $14,189,835.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 106,611 shares of company stock valued at $5,473,635. 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.