GitLab Inc. (NASDAQ:GTLB) Stake Lifted by M&G Plc

M&G Plc raised its stake in GitLab Inc. (NASDAQ:GTLB) by 2.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 211,361 shares of the company’s stock after buying an additional 6,039 shares during the quarter. M&G Plc’s holdings in GitLab were worth $10,991,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the third quarter valued at approximately $52,000. Quarry LP raised its holdings in shares of GitLab by 527.0% during 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 last quarter. Canton Hathaway LLC boosted its position in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares during the period. Finally, SG Americas Securities LLC bought a new position in GitLab in the 3rd quarter worth approximately $119,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Morgan Stanley initiated coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target for the company. Barclays increased their target price 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 restated a “neutral” rating and set a $50.00 price target on shares of GitLab in a research report on Monday, October 14th. Royal Bank of Canada lifted their target price on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, Bank of America increased their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $66.38.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $56.74, for a total value 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 $13,776,642.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,007 shares of company stock worth $5,320,233 over the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

GTLB opened at $61.19 on Friday. The company has a market capitalization of $9.82 billion, a PE ratio of -26.15 and a beta of 0.45. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The business has a 50-day moving average of $53.31 and a 200-day moving average of $51.05.

GitLab (NASDAQ:GTLB) last posted its earnings results 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. 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 was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.29) earnings per share. On average, equities research analysts expect that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

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.