Wealth Enhancement Advisory Services LLC Has $4.70 Million Position in GitLab Inc. (NASDAQ:GTLB)

Wealth Enhancement Advisory Services LLC grew its stake in GitLab Inc. (NASDAQ:GTLB) by 35.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 91,164 shares of the company’s stock after buying an additional 23,690 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in GitLab were worth $4,699,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted 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 last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter worth approximately $52,000. Quarry LP boosted its stake in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. Canton Hathaway LLC increased its position 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 buying an additional 435 shares during the period. Finally, SG Americas Securities LLC bought a new position in GitLab during the third quarter worth $119,000. 91.72% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,341 shares of company stock worth $4,374,604 over the last quarter. Insiders own 21.36% of the company’s stock.

GitLab Stock Down 1.5 %

GTLB stock opened at $53.75 on Friday. The firm has a market capitalization of $8.63 billion, a PE ratio of -22.97 and a beta of 0.46. GitLab Inc. has a twelve month low of $40.19 and a twelve month high of $78.53. The stock’s 50 day moving average is $52.20 and its 200-day moving average is $50.87.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million during 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%. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.29) EPS. On average, equities research analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GTLB. Wells Fargo & Company increased their price target on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Morgan Stanley started coverage on GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of GitLab in a research note on Monday, August 19th. Royal Bank of Canada increased their price target on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, UBS Group lifted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Company 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.