Oppenheimer Asset Management Inc. Sells 309 Shares of GitLab Inc. (NASDAQ:GTLB)

Oppenheimer Asset Management Inc. trimmed its stake in GitLab Inc. (NASDAQ:GTLB) by 1.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,926 shares of the company’s stock after selling 309 shares during the period. Oppenheimer Asset Management Inc.’s holdings in GitLab were worth $1,079,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Future Fund LLC lifted its stake in shares of GitLab by 27.2% in the 3rd quarter. Future Fund LLC now owns 21,682 shares of the company’s stock valued at $1,235,000 after purchasing an additional 4,637 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of GitLab by 56.1% in the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock worth $18,155,000 after buying an additional 126,578 shares during the period. Rakuten Securities Inc. raised its holdings in shares of 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 buying an additional 1,032 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after buying an additional 293,332 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in shares of GitLab in the third quarter worth approximately $1,055,000. 91.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GTLB. Wells Fargo & Company increased their price target on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Needham & Company LLC upgraded GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, October 21st. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Scotiabank increased their price target on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday, September 4th. Finally, Bank of America raised their price objective on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $66.38.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated 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 legal filing with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction dated Monday, September 9th. The stock was 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 in the company, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,007 shares of company stock worth $5,320,233. Insiders own 21.36% of the company’s stock.

GitLab Trading Up 0.2 %

Shares of GTLB stock opened at $59.96 on Tuesday. The stock has a 50 day moving average of $54.50 and a 200 day moving average of $51.24. The stock has a market cap of $9.62 billion, a P/E ratio of -25.62 and a beta of 0.45. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the company earned ($0.29) earnings per share. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, research analysts predict 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.