Verition Fund Management LLC Buys 104,940 Shares of GitLab Inc. (NASDAQ:GTLB)

Verition Fund Management LLC increased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 179.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 163,476 shares of the company's stock after buying an additional 104,940 shares during the period. Verition Fund Management LLC owned about 0.10% of GitLab worth $8,426,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab during the 3rd quarter valued at about $52,000. Rakuten Securities Inc. lifted its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP boosted its position in GitLab by 527.0% during the 2nd 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. Capital Performance Advisors LLP bought a new position in GitLab during the 3rd quarter worth $96,000. Finally, Canton Hathaway LLC increased its position in GitLab by 26.3% in the second 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. 91.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays upped their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 5th. Baird R W raised shares of GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. Bank of America raised their target price on shares of GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. DA Davidson reaffirmed a "neutral" rating and issued a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. Finally, Wells Fargo & Company raised their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an "overweight" 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 assigned a strong buy rating to the stock. According to MarketBeat.com, GitLab has an average rating of "Moderate Buy" and a consensus price target of $67.17.

GitLab Stock Performance

NASDAQ:GTLB traded down $0.76 during trading hours on Monday, hitting $62.99. 2,396,864 shares of the company's stock traded hands, compared to its average volume of 2,329,504. The stock's fifty day moving average price is $56.80 and its two-hundred day moving average price is $51.97. The firm has a market cap of $10.11 billion, a P/E ratio of -26.92 and a beta of 0.45. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates 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 firm's quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.29) EPS. On average, equities research analysts predict that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock worth $10,569,356 over the last 90 days. 21.36% of the stock is currently owned by corporate insiders.

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.