GitLab Inc. (NASDAQ:GTLB) Shares Purchased by Blue Trust Inc.

Blue Trust Inc. increased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 18.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 3,166 shares of the company’s stock after purchasing an additional 488 shares during the period. Blue Trust Inc.’s holdings in GitLab were worth $157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in GitLab by 2,107.7% in 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. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab during the 3rd quarter worth $52,000. Quarry LP raised its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the last quarter. Canton Hathaway LLC raised its stake in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of GitLab during the 3rd quarter worth $119,000. 91.72% of the stock is owned by institutional investors and hedge funds.

GitLab Stock Performance

GTLB opened at $55.12 on Monday. The business has a 50 day moving average price of $51.58 and a 200 day moving average price of $50.92. GitLab Inc. has a twelve month low of $40.19 and a twelve month high of $78.53. The firm has a market cap of $8.76 billion, a P/E ratio of -20.04 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last posted its 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. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period in the previous year, the company earned ($0.29) EPS. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. As a group, analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the sale, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the sale, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,673 shares of company stock valued at $5,523,472 in the last three months. Company insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Morgan Stanley assumed coverage on GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price target on shares of GitLab in a research report on Monday, August 19th. UBS Group boosted their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Barclays upped their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Finally, Scotiabank upped their target price on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.