496,795 Shares in GitLab Inc. (NASDAQ:GTLB) Acquired by Atreides Management LP

Atreides Management LP acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 496,795 shares of the company's stock, valued at approximately $25,605,000. Atreides Management LP owned approximately 0.31% of GitLab as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC bought a new position in shares of GitLab in the third quarter valued at approximately $52,000. True Wealth Design LLC acquired a new position in GitLab during the 3rd quarter worth $56,000. Rakuten Securities Inc. boosted its holdings in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Quarry LP grew its position 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 purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of GitLab in the third quarter worth about $96,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the business's stock in a transaction dated 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. This represents a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,033 shares of company stock valued at $10,569,356. Insiders own 21.36% of the company's stock.

GitLab Stock Down 1.2 %

GTLB stock traded down $0.76 during midday trading on Monday, reaching $62.99. 2,398,524 shares of the company's stock traded hands, compared to its average volume of 2,326,565. The company has a 50-day simple moving average of $56.60 and a two-hundred day simple moving average of $51.92. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The company has a market cap of $10.11 billion, a price-to-earnings ratio of -27.06 and a beta of 0.45.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm's quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the company posted ($0.29) earnings per share. Equities research analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GTLB. DA Davidson restated a "neutral" rating and set a $50.00 target price on shares of GitLab in a research note on Monday, October 14th. Wells Fargo & Company raised their price objective on shares of GitLab from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 4th. Scotiabank boosted their target price on shares of GitLab from $59.00 to $65.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, September 4th. 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 report on Monday, October 21st. Finally, BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Three 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $67.17.

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.