Cornercap Investment Counsel Inc. Sells 6,036 Shares of GitLab Inc. (NASDAQ:GTLB)

Cornercap Investment Counsel Inc. cut its stake in GitLab Inc. (NASDAQ:GTLB) by 51.1% in the third quarter, HoldingsChannel reports. The fund owned 5,784 shares of the company’s stock after selling 6,036 shares during the period. Cornercap Investment Counsel Inc.’s holdings in GitLab were worth $298,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GTLB. Allspring Global Investments Holdings LLC raised its stake in shares of GitLab by 2,107.7% in the first 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. Russell Investments Group Ltd. raised its stake in shares of GitLab by 498.3% during the first quarter. Russell Investments Group Ltd. now owns 50,957 shares of the company’s stock worth $2,972,000 after buying an additional 42,440 shares during the last quarter. US Bancorp DE raised its stake in shares of GitLab by 329.3% during the first quarter. US Bancorp DE now owns 10,179 shares of the company’s stock worth $594,000 after buying an additional 7,808 shares during the last quarter. Blair William & Co. IL raised its stake in shares of GitLab by 55.3% during the first quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock worth $2,413,000 after buying an additional 14,738 shares during the last quarter. Finally, Orion Portfolio Solutions LLC raised its stake in shares of GitLab by 6.3% during the first quarter. Orion Portfolio Solutions LLC now owns 35,223 shares of the company’s stock worth $2,054,000 after buying an additional 2,102 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

GTLB has been the subject of a number of recent research reports. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Monday, October 21st. Bank of America boosted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. UBS Group boosted their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. DA Davidson restated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. Finally, Royal Bank of Canada boosted their price objective on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.38.

GitLab Stock Down 2.1 %

NASDAQ:GTLB opened at $59.87 on Monday. The firm has a market capitalization of $9.61 billion, a price-to-earnings ratio of -25.59 and a beta of 0.45. 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 price is $54.50 and its two-hundred day moving average price is $51.25.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates 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 company’s revenue for the quarter 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, analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 16,666 shares of the firm’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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the transaction, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,007 shares of company stock worth $5,320,233. Company insiders own 21.36% of the company’s stock.

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.