GSA Capital Partners LLP Acquires New Holdings in GitLab Inc. (NASDAQ:GTLB)

GSA Capital Partners LLP acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 20,465 shares of the company's stock, valued at approximately $1,055,000.

A number of other institutional investors have also recently made changes to their positions in the business. Capital Research Global Investors grew its holdings in GitLab by 78.5% during the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company's stock worth $410,597,000 after acquiring an additional 3,096,437 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in GitLab during the 1st quarter worth approximately $49,196,000. DNB Asset Management AS acquired a new position in GitLab during the 2nd quarter worth approximately $37,851,000. Renaissance Technologies LLC grew its holdings in GitLab by 168.8% during the 2nd 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 in the last quarter. Finally, Primecap Management Co. CA grew its holdings in GitLab by 269.5% during the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company's stock worth $41,120,000 after acquiring an additional 603,200 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company's stock.

GitLab Stock Performance

GitLab stock traded down $1.28 during trading hours on Friday, reaching $59.87. 1,605,511 shares of the stock were exchanged, compared to its average volume of 2,338,427. The stock has a market cap of $9.61 billion, a P/E ratio of -25.59 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 $51.26.

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.

Insiders Place Their Bets

In other news, CAO Erin Mannix sold 1,433 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the company's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $13,776,642.22. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,007 shares of company stock worth $5,320,233. 21.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on GTLB. Needham & Company LLC upgraded 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. 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. Robert W. Baird upped their target price on shares of GitLab from $59.00 to $62.00 and gave the company an "outperform" rating in a report on Wednesday, September 4th. TD Cowen upped their target price on shares of GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Finally, Bank of America upped their target price on shares of GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Three 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.38.

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.