GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Qsemble Capital Management LP

Qsemble Capital Management LP increased its position in GitLab Inc. (NASDAQ:GTLB) by 41.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,256 shares of the company’s stock after acquiring an additional 6,846 shares during the period. Qsemble Capital Management LP’s holdings in GitLab were worth $1,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Comerica Bank raised its holdings in GitLab by 2,076.2% in the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after purchasing an additional 63,323 shares during the period. ARK Investment Management LLC acquired a new stake in shares of GitLab in the third quarter worth approximately $13,435,000. Tidal Investments LLC acquired a new stake in GitLab during the 1st quarter worth $922,000. Victory Capital Management Inc. grew its stake in GitLab by 56.1% during the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock valued at $18,155,000 after acquiring an additional 126,578 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of GitLab by 111.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock valued at $17,334,000 after purchasing an additional 176,967 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Price Performance

GitLab stock opened at $66.37 on Wednesday. The stock has a market capitalization of $10.65 billion, a P/E ratio of -28.36 and a beta of 0.45. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The firm’s 50-day moving average is $55.89 and its two-hundred day moving average is $51.73.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share 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 during the quarter, compared to the consensus estimate of $176.86 million. During the same period in the previous year, the firm posted ($0.29) EPS. GitLab’s revenue was up 30.8% on a year-over-year basis. As a group, analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. TD Cowen lifted their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. DA Davidson reiterated a “neutral” rating and set a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Robert W. Baird boosted their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, Scotiabank upped their price objective on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, September 4th. Three equities 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $67.17.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,033 shares of company stock valued at $10,569,356. Insiders own 21.36% of the company’s stock.

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.