Northwestern Mutual Wealth Management Co. Has $7.11 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Northwestern Mutual Wealth Management Co. increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 1,890.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 143,008 shares of the company’s stock after purchasing an additional 135,824 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 0.09% of GitLab worth $7,110,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC increased 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 valued at $33,000 after acquiring an additional 548 shares during the period. Banque Cantonale Vaudoise bought a new position in GitLab during the first quarter valued at about $58,000. Future Financial Wealth Managment LLC bought a new position in GitLab during the first quarter valued at about $58,000. Quarry LP increased its stake in GitLab by 75.1% during the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after acquiring an additional 500 shares during the period. Finally, Tucker Asset Management LLC bought a new position in GitLab during the fourth quarter valued at about $83,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Performance

Shares of GTLB opened at $50.23 on Thursday. The firm has a market capitalization of $7.98 billion, a price-to-earnings ratio of -18.27 and a beta of 0.44. The business’s fifty day moving average price is $49.16 and its two-hundred day moving average price is $51.40. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53.

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 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% compared to the same quarter last year. During the same period last year, the company earned ($0.29) EPS. As a group, research analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GTLB shares. BTIG Research boosted their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Barclays upped their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. UBS Group increased their target price on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Canaccord Genuity Group dropped their target price on GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Finally, Wells Fargo & Company increased their target price on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.05.

Insider Transactions at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the transaction, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. The disclosure for this sale can be found here. Insiders have sold 107,765 shares of company stock worth $5,420,967 in the last three months. Insiders own 21.36% of the company’s stock.

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.