Washington Capital Management Inc. Has $653,000 Holdings in GitLab Inc. (NASDAQ:GTLB)

Washington Capital Management Inc. lifted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 58.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,676 shares of the company’s stock after buying an additional 4,676 shares during the period. Washington Capital Management Inc.’s holdings in GitLab were worth $653,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares during the period. Capital Research Global Investors increased its holdings in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after purchasing an additional 3,096,437 shares during the period. Fiera Capital Corp increased its holdings in GitLab by 1.2% in the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock valued at $61,776,000 after purchasing an additional 14,687 shares during the period. Renaissance Technologies LLC increased its holdings in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in GitLab in the first quarter valued at $49,196,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,255 shares of company stock worth $2,667,852 in the last quarter. Insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GTLB shares. Morgan Stanley initiated coverage on GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Barclays upped their price target on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. DA Davidson reaffirmed a “neutral” rating and set a $50.00 price target on shares of GitLab in a research report on Monday. TD Cowen 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. Finally, Royal Bank of Canada upped their price target on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $66.22.

GitLab Stock Performance

NASDAQ:GTLB traded up $0.05 on Tuesday, hitting $55.02. The stock had a trading volume of 405,761 shares, compared to its average volume of 2,433,432. The stock has a market cap of $8.74 billion, a P/E ratio of -19.85 and a beta of 0.46. GitLab Inc. has a 1 year low of $40.19 and a 1 year high of $78.53. The firm’s fifty day simple moving average is $49.49 and its two-hundred day simple moving average is $51.02.

GitLab (NASDAQ:GTLB) last posted 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. The firm had revenue of $182.58 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business posted ($0.29) EPS. Equities research analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

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.