30,047 Shares in GitLab Inc. (NASDAQ:GTLB) Bought by AMI Asset Management Corp

AMI Asset Management Corp bought a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 30,047 shares of the company's stock, valued at approximately $1,549,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GTLB. Allspring Global Investments Holdings LLC boosted its holdings in GitLab by 2,107.7% during the first 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 last quarter. Future Financial Wealth Managment LLC bought a new stake in GitLab during the 3rd quarter worth about $52,000. Quarry LP boosted its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock worth $89,000 after buying an additional 1,502 shares during the last quarter. Canton Hathaway LLC grew its holdings in shares of GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock valued at $104,000 after acquiring an additional 435 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of GitLab in the third quarter valued at about $119,000. Institutional investors and hedge funds own 91.72% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GTLB. Wells Fargo & Company raised their price target on GitLab from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. BTIG Research upped their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. UBS Group lifted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Finally, Needham & Company LLC raised shares of GitLab from a "hold" rating to a "buy" rating and set a $70.00 target price on the stock in a report on Monday, October 21st. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $66.38.

GitLab Stock Down 0.3 %

Shares of GTLB traded down $0.17 during mid-day trading on Wednesday, hitting $54.56. 1,204,235 shares of the company's stock were exchanged, compared to its average volume of 2,377,095. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53. The stock's 50-day simple moving average is $52.04 and its 200-day simple moving average is $50.85. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of -19.84 and a beta of 0.46.

GitLab (NASDAQ:GTLB - Get Free Report) last posted 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 firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company's revenue was up 30.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.29) EPS. Analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm's 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, 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 completion of the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm's 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 disclosure for this sale can be found here. Insiders sold 103,673 shares of company stock valued at $5,523,472 over the last quarter. 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.