496,795 Shares in GitLab Inc. (NASDAQ:GTLB) Bought by Atreides Management LP

Atreides Management LP acquired a new position in GitLab Inc. (NASDAQ:GTLB) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 496,795 shares of the company’s stock, valued at approximately $25,605,000. Atreides Management LP owned about 0.31% of GitLab as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Bamco Inc. NY grew its stake in shares of GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after purchasing an additional 4,874 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of GitLab in the third quarter worth $3,381,000. True Wealth Design LLC bought a new stake in shares of GitLab in the third quarter worth $56,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in GitLab during the third quarter valued at $2,319,000. Finally, Circle Wealth Management LLC grew its holdings in GitLab by 105.1% during the 3rd quarter. Circle Wealth Management LLC now owns 17,141 shares of the company’s stock worth $883,000 after acquiring an additional 8,784 shares during the period. Institutional investors own 91.72% of the company’s stock.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on 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 owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $63.75 on Monday. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of -27.24 and a beta of 0.45. The firm’s 50-day simple moving average is $56.60 and its 200 day simple moving average is $51.92.

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 business had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter last year, the firm earned ($0.29) EPS. The firm’s revenue for the quarter was up 30.8% compared to the same quarter last year. On average, sell-side analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. TD Cowen increased their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. UBS Group increased their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Morgan Stanley assumed coverage on GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target for the company. Finally, 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. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $67.17.

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.