Franklin Resources Inc. Acquires 913 Shares of GitLab Inc. (NASDAQ:GTLB)

Franklin Resources Inc. increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 0.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,353,743 shares of the company’s stock after acquiring an additional 913 shares during the period. Franklin Resources Inc. owned about 1.51% of GitLab worth $148,192,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of GTLB. Assetmark Inc. boosted its holdings in shares of GitLab by 35.3% in the fourth quarter. Assetmark Inc. now owns 22,582 shares of the company’s stock valued at $1,422,000 after purchasing an additional 5,890 shares during the period. Trexquant Investment LP boosted its position in GitLab by 122.1% during the 4th quarter. Trexquant Investment LP now owns 270,031 shares of the company’s stock valued at $17,001,000 after acquiring an additional 148,428 shares in the last quarter. Clearbridge Investments LLC increased its holdings in shares of GitLab by 16.8% in the 4th quarter. Clearbridge Investments LLC now owns 407,984 shares of the company’s stock valued at $25,687,000 after acquiring an additional 58,784 shares during the period. Norges Bank bought a new position in shares of GitLab in the 4th quarter worth $222,591,000. Finally, Level Four Advisory Services LLC purchased a new stake in shares of GitLab during the 4th quarter worth $389,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Trading Up 1.7 %

GTLB stock opened at $58.40 on Thursday. The firm has a 50-day moving average of $55.81 and a two-hundred day moving average of $59.64. GitLab Inc. has a 12 month low of $32.65 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The company had revenue of $163.80 million for the quarter, compared to analyst estimates of $157.89 million. During the same quarter in the previous year, the company posted ($0.26) earnings per share. The firm’s revenue for the quarter was up 33.3% compared to the same quarter last year. Sell-side analysts forecast that GitLab Inc. will post -0.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on GTLB. UBS Group decreased their price target on shares of GitLab from $81.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Cantor Fitzgerald cut their price target on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, March 5th. DA Davidson decreased their price objective on GitLab from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Tuesday, March 5th. Mizuho dropped their target price on GitLab from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, May 17th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $74.00 price target on shares of GitLab in a research note on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.50.

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 75,000 shares of GitLab stock in a transaction on Monday, March 18th. The stock was sold at an average price of $55.19, for a total value of $4,139,250.00. The transaction was disclosed in a filing with the SEC, which is available at this link. In other GitLab news, CAO Erin Mannix sold 958 shares of the firm’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 sale, the chief accounting officer now directly owns 74,908 shares in the company, valued at $4,459,273.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 75,000 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $55.19, for a total transaction of $4,139,250.00. The disclosure for this sale can be found here. Insiders sold a total of 433,383 shares of company stock valued at $23,632,528 in the last 90 days. Company insiders own 21.36% of the company’s stock.

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.