Point72 Hong Kong Ltd Makes New $3.38 Million Investment in GitLab Inc. (NASDAQ:GTLB)

Point72 Hong Kong Ltd bought a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 65,595 shares of the company's stock, valued at approximately $3,381,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Marin grew its stake in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company's stock valued at $302,000 after buying an additional 171 shares during the period. Moloney Securities Asset Management LLC lifted its stake in shares of GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company's stock valued at $318,000 after purchasing an additional 300 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in shares of GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company's stock worth $596,000 after purchasing an additional 334 shares during the period. Canton Hathaway LLC increased its position in GitLab by 26.3% during 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 in the last quarter. Finally, Blue Trust Inc. raised its holdings in GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company's stock valued at $157,000 after buying an additional 488 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on GTLB shares. Needham & Company LLC raised GitLab from a "hold" rating to a "buy" rating and set a $70.00 price objective on the stock in a research report on Monday, October 21st. KeyCorp boosted their price target on GitLab from $62.00 to $74.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Robert W. Baird lifted their price objective on shares of GitLab from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. TD Cowen raised their price target on shares of GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, November 21st. Finally, Bank of America lifted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, GitLab has an average rating of "Moderate Buy" and an average target price of $67.17.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 2,990 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the transaction, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the company's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is currently owned by company insiders.

GitLab Stock Performance

Shares of NASDAQ GTLB traded down $0.05 during trading on Friday, hitting $63.75. The company had a trading volume of 699,506 shares, compared to its average volume of 1,851,466. The company has a market cap of $10.23 billion, a P/E ratio of -27.24 and a beta of 0.45. The business's 50-day moving average is $56.60 and its 200 day moving average is $51.96. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly 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. The company had revenue of $182.58 million for the quarter, compared to the consensus estimate 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 for the quarter was up 30.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.29) earnings per share. On average, research analysts expect that GitLab Inc. will post -0.41 EPS for the current year.

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.