GitLab Inc. (NASDAQ:GTLB) Holdings Cut by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. decreased its stake in GitLab Inc. (NASDAQ:GTLB) by 51.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,784 shares of the company’s stock after selling 6,036 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in GitLab were worth $298,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC lifted its position in 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 in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of GitLab by 498.3% during the 1st quarter. Russell Investments Group Ltd. now owns 50,957 shares of the company’s stock valued at $2,972,000 after purchasing an additional 42,440 shares in the last quarter. US Bancorp DE raised its holdings in shares of GitLab by 329.3% during the 1st quarter. US Bancorp DE now owns 10,179 shares of the company’s stock valued at $594,000 after purchasing an additional 7,808 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of GitLab by 55.3% during the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after purchasing an additional 14,738 shares in the last quarter. Finally, Orion Portfolio Solutions LLC raised its holdings in shares of GitLab by 6.3% during the 1st quarter. Orion Portfolio Solutions LLC now owns 35,223 shares of the company’s stock valued at $2,054,000 after purchasing an additional 2,102 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Buying and Selling at GitLab

In other GitLab news, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. The trade was a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $13,776,642.22. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,007 shares of company stock worth $5,320,233 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GTLB. Morgan Stanley began coverage on shares of GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Wells Fargo & Company raised their price target on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. TD Cowen lifted their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada lifted their target price on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, Scotiabank lifted their target price on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday, September 4th. Three investment 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $66.38.

GitLab Stock Performance

Shares of GitLab stock opened at $59.87 on Monday. The firm’s 50-day simple moving average is $54.50 and its 200-day simple moving average is $51.25. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a market cap of $9.61 billion, a P/E ratio of -25.59 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its earnings results 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. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same period in the previous year, the business earned ($0.29) EPS. The firm’s revenue was up 30.8% on a year-over-year basis. On average, equities analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

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.