GitLab Inc. (NASDAQ:GTLB) Shares Purchased by Concentric Capital Strategies LP

Concentric Capital Strategies LP grew its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 34.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,003 shares of the company's stock after purchasing an additional 11,968 shares during the quarter. Concentric Capital Strategies LP's holdings in GitLab were worth $2,423,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GTLB. Renaissance Technologies LLC lifted its stake in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company's stock worth $59,196,000 after acquiring an additional 747,712 shares during the period. Primecap Management Co. CA lifted its holdings in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company's stock worth $41,120,000 after buying an additional 603,200 shares during the period. Los Angeles Capital Management LLC bought a new stake in GitLab during the 3rd quarter valued at $30,827,000. Atreides Management LP purchased a new position in shares of GitLab in the 3rd quarter valued at $25,605,000. Finally, William Blair Investment Management LLC bought a new position in shares of GitLab in the 2nd quarter worth $16,071,000. 91.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GTLB shares. BTIG Research lifted their target price on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Morgan Stanley assumed coverage on shares of GitLab in a research report on Wednesday, October 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. TD Cowen increased their target price on shares of GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, November 21st. Cantor Fitzgerald raised shares of GitLab to a "strong-buy" rating in a report on Tuesday, November 12th. Finally, DA Davidson reissued a "neutral" rating and issued a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $67.17.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This trade represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by company insiders.

GitLab Stock Down 1.2 %

GTLB stock traded down $0.76 during trading on Tuesday, hitting $62.99. 2,455,542 shares of the company traded hands, compared to its average volume of 1,778,177. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The stock's 50-day simple moving average is $56.80 and its 200 day simple moving average is $51.97.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its 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 net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period in the previous year, the firm earned ($0.29) EPS. The business's quarterly revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts expect that GitLab Inc. will post -0.41 EPS for the current year.

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.