TrinityPoint Wealth LLC Has $839,000 Stake in GitLab Inc. (NASDAQ:GTLB)

TrinityPoint Wealth LLC reduced its position in shares of GitLab Inc. (NASDAQ:GTLB) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,281 shares of the company’s stock after selling 228 shares during the period. TrinityPoint Wealth LLC’s holdings in GitLab were worth $839,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Comerica Bank increased its stake in GitLab by 2,076.2% in the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after buying an additional 63,323 shares during the last quarter. ARK Investment Management LLC acquired a new stake in shares of GitLab in the third quarter valued at about $13,435,000. Tidal Investments LLC acquired a new stake in shares of GitLab in the first quarter valued at about $922,000. William Blair Investment Management LLC bought a new stake in GitLab during the second quarter worth about $16,071,000. Finally, Price T Rowe Associates Inc. MD grew its stake in GitLab by 188.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 194,417 shares of the company’s stock valued at $11,339,000 after purchasing an additional 126,917 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on GTLB shares. Scotiabank upped their price objective on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Monday, October 21st. Wells Fargo & Company lifted their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada upped their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, Morgan Stanley initiated coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Trading Up 0.2 %

NASDAQ GTLB opened at $59.96 on Tuesday. The company has a market cap of $9.62 billion, a price-to-earnings ratio of -25.62 and a beta of 0.45. The company has a 50 day moving average of $54.50 and a 200-day moving average of $51.24. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.29) EPS. On average, equities research analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,007 shares of company stock valued at $5,320,233 over the last quarter. 21.36% of the stock is owned by company insiders.

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.