Claro Advisors LLC Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

Claro Advisors LLC purchased a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,727 shares of the company's stock, valued at approximately $811,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its stake 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 acquiring an additional 548 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab in the 3rd quarter valued at approximately $52,000. Rakuten Securities Inc. raised its stake in shares of GitLab by 268.1% in the 3rd 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 raised its stake in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after acquiring an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab in the 3rd quarter valued at approximately $96,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Cantor Fitzgerald upgraded shares of GitLab to a "strong-buy" rating in a report on Tuesday, November 12th. Royal Bank of Canada lifted their price objective on shares of GitLab from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday, September 4th. Bank of America lifted their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Barclays boosted their price target on shares of GitLab from $50.00 to $55.00 and gave the stock an "equal weight" rating in a report on Thursday, September 5th. Finally, UBS Group boosted their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $66.38.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,007 shares of company stock valued at $5,320,233 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

GitLab Stock Performance

GitLab stock traded up $0.09 during trading hours on Monday, reaching $59.96. 1,314,332 shares of the stock were exchanged, compared to its average volume of 2,333,834. The stock has a market cap of $9.62 billion, a P/E ratio of -25.62 and a beta of 0.45. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The firm's 50 day moving average is $54.50 and its 200 day moving average is $51.24.

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

About GitLab

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.