Sandy Spring Bank Decreases Position in GitLab Inc. (NASDAQ:GTLB)

Sandy Spring Bank reduced its stake in GitLab Inc. (NASDAQ:GTLBFree Report) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,957 shares of the company’s stock after selling 450 shares during the period. Sandy Spring Bank’s holdings in GitLab were worth $1,068,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. Quarry LP purchased a new stake in shares of GitLab during the 2nd quarter worth approximately $30,000. FMR LLC lifted its position in shares of GitLab by 80.0% during the 3rd quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after buying an additional 268 shares during the last quarter. Ossiam purchased a new stake in shares of GitLab during the 1st quarter worth approximately $27,000. Ramirez Asset Management Inc. purchased a new stake in shares of GitLab during the 3rd quarter worth approximately $36,000. Finally, Lazard Asset Management LLC purchased a new stake in shares of GitLab during the 1st quarter worth approximately $47,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GTLB. Mizuho reduced their price objective on shares of GitLab from $87.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Sanford C. Bernstein boosted their price objective on shares of GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. TD Cowen reduced their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 5th. Capital One Financial started coverage on shares of GitLab in a research report on Friday, March 22nd. They issued an “overweight” rating and a $72.00 price target for the company. Finally, Bank of America reduced their price target on shares of GitLab from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.73.

Check Out Our Latest Analysis on GitLab

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 60,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $56.08, for a total transaction of $3,364,800.00. Following the transaction, the chief financial officer now directly owns 346,146 shares of the company’s stock, valued at approximately $19,411,867.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Sytse Sijbrandij sold 380,000 shares of the stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $62.32, for a total value of $23,681,600.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 60,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $56.08, for a total transaction of $3,364,800.00. Following the completion of the sale, the chief financial officer now directly owns 346,146 shares in the company, valued at $19,411,867.68. The disclosure for this sale can be found here. Insiders have sold a total of 893,342 shares of company stock valued at $54,059,697 in the last ninety days. 28.04% of the stock is currently owned by company insiders.

GitLab Stock Performance

Shares of GitLab stock opened at $58.11 on Friday. The company has a market cap of $9.22 billion, a P/E ratio of -21.13 and a beta of 0.45. GitLab Inc. has a one year low of $26.24 and a one year high of $78.53. The firm has a fifty day moving average of $64.07 and a two-hundred day moving average of $57.50.

GitLab (NASDAQ:GTLBGet Free Report) last announced its quarterly earnings data on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The company had revenue of $163.80 million during the quarter, compared to the consensus estimate of $157.89 million. During the same quarter in the prior year, the firm earned ($0.26) EPS. GitLab’s quarterly revenue was up 33.3% on a year-over-year basis. As a group, equities analysts predict that GitLab Inc. will post -0.96 earnings per share for the current year.

About GitLab

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for GitLab (NASDAQ:GTLB)

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