Bank of Marin Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Bank of Marin increased its position in shares of GitLab Inc. (NASDAQ:GTLB) by 3.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,856 shares of the company’s stock after purchasing an additional 171 shares during the quarter. Bank of Marin’s holdings in GitLab were worth $302,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC boosted its stake in shares of GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in GitLab during the third quarter worth $52,000. Rakuten Securities Inc. boosted its position in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP grew its stake in 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 during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab during the 3rd quarter valued at $96,000. 91.72% of the stock is owned by institutional investors.

GitLab Price Performance

GitLab stock traded down $0.62 during midday trading on Friday, hitting $60.53. 70,729 shares of the company’s stock were exchanged, compared to its average volume of 2,331,513. The stock has a 50-day moving average price of $54.26 and a two-hundred day moving average price of $51.16. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53.

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 net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the business earned ($0.29) earnings per share. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. On average, research analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on GTLB shares. UBS Group increased their price target on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada raised their price target on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. DA Davidson reiterated a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Barclays increased their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Finally, Scotiabank boosted their target price on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research note 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 an average rating of “Moderate Buy” and a consensus price target of $66.38.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares of the company’s stock, valued at approximately $7,484,180. This represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,007 shares of company stock valued at $5,320,233. 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.