Victory Capital Management Inc. Has $18.16 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Victory Capital Management Inc. boosted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 56.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 352,256 shares of the company's stock after acquiring an additional 126,578 shares during the period. Victory Capital Management Inc. owned 0.22% of GitLab worth $18,155,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Moloney Securities Asset Management LLC boosted 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 during the last quarter. Canton Hathaway LLC boosted its stake in GitLab by 26.3% in the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock valued at $104,000 after acquiring an additional 435 shares during the last quarter. Blue Trust Inc. grew its holdings in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company's stock worth $157,000 after acquiring an additional 488 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock valued at $33,000 after acquiring an additional 548 shares during the last quarter. Finally, Caprock Group LLC boosted its position in shares of GitLab by 1.9% in the 2nd quarter. Caprock Group LLC now owns 31,272 shares of the company's stock worth $1,555,000 after purchasing an additional 586 shares during the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

GitLab Trading Up 1.6 %

Shares of NASDAQ GTLB traded up $0.95 during mid-day trading on Tuesday, hitting $60.91. The company had a trading volume of 1,701,980 shares, compared to its average volume of 2,331,013. The firm has a 50-day simple moving average of $54.63 and a two-hundred day simple moving average of $51.27. The company has a market capitalization of $9.78 billion, a PE ratio of -25.62 and a beta of 0.45. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data 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 during 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 revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.29) EPS. Sell-side analysts expect that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares in the company, 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 90 days. Company insiders own 21.36% of the company's stock.

Analyst Ratings Changes

GTLB has been the topic of several analyst reports. BTIG Research increased their target price on 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 upgraded shares of GitLab from a "hold" rating to a "buy" rating and set a $70.00 price target on the stock in a research report on Monday, October 21st. UBS Group boosted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Robert W. Baird increased their target price on shares of GitLab from $59.00 to $62.00 and gave the stock an "outperform" rating in a report on Wednesday, September 4th. Finally, Wells Fargo & Company lifted their price target on shares of GitLab from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 4th. Three research 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 company's stock. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average target price 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.