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

TrinityPoint Wealth LLC lowered its stake in GitLab Inc. (NASDAQ:GTLB) by 1.4% during the third quarter, HoldingsChannel.com reports. The institutional investor 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 reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its position in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab during the third quarter valued at about $52,000. Rakuten Securities Inc. increased its stake in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the period. Quarry LP increased its stake in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in GitLab in the 3rd quarter valued at approximately $96,000. Institutional investors own 91.72% of the company’s stock.

GitLab Stock Up 0.2 %

Shares of NASDAQ:GTLB opened at $59.96 on Tuesday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The stock’s 50 day moving average is $54.50 and its 200-day moving average is $51.24. The firm has a market capitalization of $9.62 billion, a price-to-earnings ratio of -25.62 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period last year, the company earned ($0.29) earnings per share. The business’s revenue was up 30.8% on a year-over-year basis. Equities research analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the 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 sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,007 shares of company stock valued at $5,320,233. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GTLB. BTIG Research upped their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley assumed coverage on GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price on the stock. TD Cowen increased their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada raised their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Company 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.