Victory Capital Management Inc. Raises Holdings in GitLab Inc. (NASDAQ:GTLB)

Victory Capital Management Inc. increased its holdings in GitLab Inc. (NASDAQ:GTLB) by 56.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 352,256 shares of the company’s stock after acquiring an additional 126,578 shares during the period. Victory Capital Management Inc.’s holdings in GitLab were worth $18,155,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in 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 in the last quarter. Future Financial Wealth Managment LLC acquired a new position in GitLab during the third quarter worth $52,000. Rakuten Securities Inc. lifted its stake in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP lifted its stake in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab during the third quarter worth $96,000. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This trade represents a 2.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last three months, insiders sold 97,007 shares of company stock worth $5,320,233. Company insiders own 21.36% of the company’s stock.

GitLab Stock Up 0.2 %

Shares of NASDAQ:GTLB opened at $59.96 on Tuesday. The company has a market cap of $9.62 billion, a P/E ratio of -25.62 and a beta of 0.45. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The company has a 50-day moving average price of $54.50 and a 200 day moving average price of $51.24.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.29) earnings per share. Analysts expect that GitLab Inc. will post -0.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on GTLB. UBS Group upped their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Monday, October 21st. Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Morgan Stanley began coverage on GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective on the stock. Finally, Wells Fargo & Company increased their price objective on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Three investment 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 company. Based on data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price 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.