9,960 Shares in GitLab Inc. (NASDAQ:GTLB) Purchased by Smith Group Asset Management LLC

Smith Group Asset Management LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,960 shares of the company's stock, valued at approximately $513,000.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its stake in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock worth $33,000 after buying an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the third quarter worth approximately $52,000. Quarry LP raised its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after purchasing an additional 1,502 shares during the period. Canton Hathaway LLC lifted its stake in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock worth $104,000 after purchasing an additional 435 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of GitLab during the third quarter valued at approximately $119,000. Hedge funds and other institutional investors own 91.72% of the company's stock.

Analyst Ratings Changes

GTLB has been the topic of a number of recent research reports. DA Davidson restated a "neutral" rating and issued a $50.00 price target on shares of GitLab in a research report on Monday, October 14th. Royal Bank of Canada boosted their price target on shares of GitLab from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday, September 4th. Wells Fargo & Company boosted their target price on GitLab from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, September 4th. Scotiabank raised their target price on shares of GitLab from $59.00 to $65.00 and gave the company a "sector outperform" rating in a research note on Wednesday, September 4th. Finally, Morgan Stanley initiated coverage on shares of GitLab in a research report on Wednesday, October 9th. They set an "overweight" rating and a $70.00 target price on the stock. Three equities research 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $66.38.

GitLab Price Performance

GTLB stock traded up $0.85 during trading on Tuesday, reaching $54.73. 901,650 shares of the company were exchanged, compared to its average volume of 2,382,697. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of -19.90 and a beta of 0.46. The company has a 50-day moving average of $51.90 and a two-hundred day moving average of $50.82. GitLab Inc. has a twelve month low of $40.19 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate 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 firm 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 business's quarterly revenue was up 30.8% on a year-over-year basis. On average, analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company'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 transaction of $3,062,080.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,673 shares of company stock worth $5,523,472 over the last three months. 21.36% of the stock is owned by company insiders.

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.