GitLab Inc. (NASDAQ:GTLB) Position Raised by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans increased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 128.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 554,455 shares of the company's stock after buying an additional 312,119 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.35% of GitLab worth $28,577,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Bank of Marin lifted its holdings in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company's stock worth $302,000 after purchasing an additional 171 shares during the last quarter. Moloney Securities Asset Management LLC boosted its position in GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company's stock valued at $318,000 after acquiring an additional 300 shares during the last quarter. Canton Hathaway LLC grew its position in shares of 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 buying an additional 435 shares during the period. Blue Trust Inc. lifted its holdings in shares of GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company's stock worth $157,000 after purchasing an additional 488 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in 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 acquiring an additional 548 shares during the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the transaction, the director now directly owns 137,983 shares in the company, valued at $8,197,570.03. The trade was a 2.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 250,109 shares of the company's stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,257 shares of company stock worth $5,513,315 over the last three months. Company insiders own 21.36% of the company's stock.

GitLab Trading Up 2.0 %

GTLB traded up $1.21 during midday trading on Wednesday, hitting $62.12. 1,556,355 shares of the company were exchanged, compared to its average volume of 2,327,571. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The firm has a market capitalization of $9.97 billion, a price-to-earnings ratio of -26.03 and a beta of 0.45. The company's 50 day simple moving average is $54.73 and its 200 day simple moving average is $51.32.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the previous year, the company posted ($0.29) earnings per share. The firm's revenue for the quarter was up 30.8% compared to the same quarter last year. On average, equities analysts anticipate that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GTLB shares. Morgan Stanley assumed coverage on shares of GitLab in a report on Wednesday, October 9th. They set an "overweight" rating and a $70.00 price objective on the stock. BTIG Research upped their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Needham & Company LLC raised shares of GitLab from a "hold" rating to a "buy" rating and set a $70.00 price target for the company in a research note on Monday, October 21st. Cantor Fitzgerald raised GitLab to a "strong-buy" rating in a research note on Tuesday, November 12th. Finally, DA Davidson restated a "neutral" rating and set a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and a consensus price target of $66.38.

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.