ARK Investment Management LLC Buys New Position in GitLab Inc. (NASDAQ:GTLB)

ARK Investment Management LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 260,679 shares of the company's stock, valued at approximately $13,435,000. ARK Investment Management LLC owned about 0.16% of GitLab as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moloney Securities Asset Management LLC increased its stake in shares of GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company's stock valued at $318,000 after acquiring an additional 300 shares during the last quarter. Canton Hathaway LLC boosted its position in GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock worth $104,000 after acquiring an additional 435 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company's stock valued at $157,000 after buying an additional 488 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 buying an additional 548 shares during the last quarter. Finally, Caprock Group LLC boosted its holdings in shares of GitLab by 1.9% in the 2nd quarter. Caprock Group LLC now owns 31,272 shares of the company's stock valued at $1,555,000 after buying an additional 586 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GTLB shares. DA Davidson restated a "neutral" rating and issued a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. UBS Group increased their price target on GitLab from $62.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Barclays increased their price target on GitLab from $50.00 to $55.00 and gave the company an "equal weight" rating in a research note on Thursday, September 5th. Wells Fargo & Company increased their price target on GitLab from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, September 4th. Finally, Robert W. Baird increased their price target on GitLab from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $66.38.

GitLab Stock Down 1.1 %

Shares of GTLB stock traded down $0.69 during mid-day trading on Friday, reaching $60.50. 1,195,229 shares of the stock traded hands, compared to its average volume of 2,349,375. 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 $9.71 billion, a price-to-earnings ratio of -25.85 and a beta of 0.45. The stock's fifty day simple moving average is $53.57 and its two-hundred day simple moving average is $51.10.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 last year, the company earned ($0.29) earnings per share. The firm's revenue was up 30.8% compared to the same quarter last year. On average, equities research analysts anticipate that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of GitLab 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 completion of the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other GitLab news, CAO Erin Mannix sold 1,433 shares of GitLab 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 completion of the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Insiders sold 97,007 shares of company stock worth $5,320,233 over the last ninety days. 21.36% of the stock is owned by insiders.

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.