Los Angeles Capital Management LLC Buys New Shares in GitLab Inc. (NASDAQ:GTLB)

Los Angeles Capital Management LLC purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 598,115 shares of the company’s stock, valued at approximately $30,827,000.

Several other large investors have also added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC lifted its holdings in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter valued at approximately $52,000. Quarry LP lifted its stake 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 acquiring an additional 1,502 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of GitLab in the third quarter worth $96,000. Finally, Canton Hathaway LLC raised its holdings in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after purchasing an additional 435 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Stock Performance

Shares of GitLab stock opened at $60.50 on Monday. The business’s 50 day moving average price is $53.57 and its 200 day moving average price is $51.07. The company has a market cap of $9.71 billion, a price-to-earnings ratio of -25.85 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) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter in the previous year, the company posted ($0.29) EPS. The company’s revenue was up 30.8% compared to the same quarter last year. On average, analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the 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 transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,007 shares of company stock valued at $5,320,233 in the last 90 days. Company insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, October 21st. Baird R W upgraded GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Robert W. Baird upped their price objective on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Royal Bank of Canada lifted their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, DA Davidson restated a “neutral” rating and set a $50.00 price target on shares of GitLab in a research report on Monday, October 14th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average price target of $66.38.

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.