Los Angeles Capital Management LLC Takes Position in GitLab Inc. (NASDAQ:GTLB)

Los Angeles Capital Management LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 598,115 shares of the company's stock, valued at approximately $30,827,000. Los Angeles Capital Management LLC owned 0.37% of GitLab as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock worth $33,000 after purchasing an additional 548 shares during the period. Future Financial Wealth Managment LLC acquired a new position in GitLab in the 3rd quarter worth $52,000. Quarry LP boosted its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock worth $89,000 after purchasing an additional 1,502 shares during the period. Capital Performance Advisors LLP acquired a new position in GitLab in the 3rd quarter worth $96,000. Finally, Canton Hathaway LLC boosted its stake in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock worth $104,000 after purchasing an additional 435 shares during the period. 91.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Brian G. Robins sold 16,666 shares of the firm's stock in a transaction on 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 transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at approximately $13,776,642.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction on 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 transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at $13,776,642.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company's stock, valued at $13,423,350.03. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,007 shares of company stock valued at $5,320,233. Insiders own 21.36% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. UBS Group increased their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. Scotiabank upped their target price on shares of GitLab from $59.00 to $65.00 and gave the company a "sector outperform" 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. BTIG Research 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, Baird R W raised shares of GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $66.38.

GitLab Trading Down 0.6 %

GitLab stock traded down $0.35 during mid-day trading on Monday, reaching $60.15. The company had a trading volume of 2,535,140 shares, compared to its average volume of 2,350,224. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The company has a market cap of $9.65 billion, a P/E ratio of -25.80 and a beta of 0.45. The business has a fifty day simple moving average of $53.57 and a 200 day simple moving average of $51.03.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm 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%. The company's revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.29) earnings per share. Research analysts forecast that GitLab Inc. will post -0.41 EPS for the current 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.