Bamco Inc. NY Raises Holdings in GitLab Inc. (NASDAQ:GTLB)

Bamco Inc. NY increased its position in GitLab Inc. (NASDAQ:GTLB) by 0.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,253,244 shares of the company’s stock after purchasing an additional 4,874 shares during the period. Bamco Inc. NY owned 0.78% of GitLab worth $64,592,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new position in GitLab during the third quarter worth approximately $52,000. True Wealth Design LLC acquired a new position in shares of GitLab in the 3rd quarter valued at $56,000. Rakuten Securities Inc. raised its position in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP raised its position in 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. Finally, Capital Performance Advisors LLP acquired a new stake in GitLab during the 3rd quarter worth $96,000. 91.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on GTLB. TD Cowen upped their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. BTIG Research lifted their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Robert W. Baird upped their price target on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $50.00 price target on shares of GitLab in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $67.17.

Insider Buying and Selling

In other GitLab 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 transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 in the last ninety days. Insiders own 21.36% of the company’s stock.

GitLab Stock Performance

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

GitLab (NASDAQ:GTLB) last issued 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 analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company earned ($0.29) EPS. As a group, sell-side analysts forecast that GitLab Inc. will post -0.41 EPS for the current fiscal year.

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.