Washington Harbour Partners LP Invests $3.49 Million in GitLab Inc. (NASDAQ:GTLB)

Washington Harbour Partners LP acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 67,700 shares of the company's stock, valued at approximately $3,489,000. GitLab makes up 6.2% of Washington Harbour Partners LP's holdings, making the stock its 7th largest position.

A number of other institutional investors also recently modified their holdings of the company. ARK Investment Management LLC bought a new stake in shares of GitLab during the third quarter valued at approximately $13,435,000. Victory Capital Management Inc. boosted its position in GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock valued at $18,155,000 after buying an additional 126,578 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in GitLab by 111.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company's stock valued at $17,334,000 after buying an additional 176,967 shares during the last quarter. Mission Creek Capital Partners Inc. increased its stake in shares of GitLab by 113.9% in the 3rd quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock valued at $4,119,000 after buying an additional 42,550 shares during the period. Finally, William Blair Investment Management LLC bought a new stake in shares of GitLab during the second quarter worth $16,071,000. Institutional investors own 91.72% of the company's stock.

GitLab Price Performance

GTLB stock traded up $1.15 during midday trading on Friday, hitting $67.19. The company's stock had a trading volume of 12,807,673 shares, compared to its average volume of 2,388,497. The company's fifty day moving average price is $57.60 and its 200 day moving average price is $52.22. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The stock has a market capitalization of $10.78 billion, a P/E ratio of -29.41 and a beta of 0.54.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. The firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business's quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.29) EPS. Equities analysts expect that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 16,668 shares of the firm's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Erin Mannix sold 1,433 shares of the company's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company's stock, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on GTLB shares. Robert W. Baird lifted their price objective on GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a research report on Friday. KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday. Scotiabank increased their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a report on Wednesday. UBS Group lifted their target price on shares of GitLab from $62.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Finally, Barclays raised their price target on GitLab from $50.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $74.56.

GitLab 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.