Marcho Partners LLP Trims Position in GitLab Inc. (NASDAQ:GTLB)

Marcho Partners LLP lessened its position in shares of GitLab Inc. (NASDAQ:GTLB) by 42.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 431,672 shares of the company’s stock after selling 320,494 shares during the quarter. GitLab comprises 5.9% of Marcho Partners LLP’s portfolio, making the stock its 7th biggest holding. Marcho Partners LLP owned approximately 0.27% of GitLab worth $22,248,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Mission Creek Capital Partners Inc. raised its position in shares of GitLab by 113.9% during the 3rd quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company’s stock valued at $4,119,000 after buying an additional 42,550 shares in the last quarter. Ionic Capital Management LLC purchased a new position in shares of GitLab in the 3rd quarter worth approximately $526,000. Jacobs Levy Equity Management Inc. increased its position in shares of GitLab by 46.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 394,217 shares of the company’s stock valued at $20,318,000 after purchasing an additional 125,632 shares during the last quarter. Holocene Advisors LP bought a new position in shares of GitLab during the 3rd quarter valued at approximately $2,532,000. Finally, Concentric Capital Strategies LP raised its holdings in GitLab by 34.2% during the 3rd quarter. Concentric Capital Strategies LP now owns 47,003 shares of the company’s stock valued at $2,423,000 after buying an additional 11,968 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted 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. Bank of America boosted their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” 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 stock an “outperform” rating in a research note on Wednesday, September 4th. BTIG Research lifted their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Needham & Company LLC raised GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Monday, October 21st. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.17.

GitLab Price Performance

Shares of GTLB stock opened at $63.86 on Wednesday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a market capitalization of $10.25 billion, a price-to-earnings ratio of -27.29 and a beta of 0.54. The business has a fifty day moving average of $57.01 and a 200 day moving average of $52.02.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping 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 net margin of 54.62% and a negative return on equity of 15.40%. The firm’s revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.29) earnings per share. As a group, equities research analysts expect that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock worth $10,569,356 over the last quarter. 21.36% of the stock is currently owned by 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.