GitLab Inc. (NASDAQ:GTLB) Position Boosted by Stephens Investment Management Group LLC

Stephens Investment Management Group LLC increased its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 11.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 724,265 shares of the company's stock after acquiring an additional 72,925 shares during the quarter. Stephens Investment Management Group LLC owned about 0.46% of GitLab worth $37,329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GTLB. Capital Research Global Investors raised its stake 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 purchased a new position in GitLab during the 1st quarter worth $49,196,000. DNB Asset Management AS purchased a new position in GitLab during the 2nd quarter worth $37,851,000. Renaissance Technologies LLC grew its position 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 purchasing an additional 747,712 shares during the last quarter. Finally, Primecap Management Co. CA grew its position 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 purchasing an additional 603,200 shares during the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Up 5.9 %

Shares of NASDAQ:GTLB traded up $3.19 during trading on Friday, reaching $56.94. The stock had a trading volume of 2,161,819 shares, compared to its average volume of 2,369,918. GitLab Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $78.53. The business has a fifty day moving average price of $52.20 and a 200-day moving average price of $50.87. The stock has a market cap of $9.14 billion, a P/E ratio of -24.32 and a beta of 0.46.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping 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 quarter in the prior year, the business posted ($0.29) earnings per share. GitLab's revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, equities analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company's stock in a transaction on 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 legal filing with the SEC, which can be accessed through this link. In related news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company's stock, valued at $13,423,350.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the 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 disclosure for this sale can be found here. Insiders have sold 80,341 shares of company stock valued at $4,374,604 over the last ninety days. Corporate insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 target price on shares of GitLab in a report on Monday, August 19th. Morgan Stanley assumed coverage on shares of GitLab in a report on Wednesday, October 9th. They issued an "overweight" rating and a $70.00 target price on the stock. Baird R W raised shares of GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. 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. Finally, Scotiabank lifted 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. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.