Verition Fund Management LLC Buys 104,940 Shares of GitLab Inc. (NASDAQ:GTLB)

Verition Fund Management LLC boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 179.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,476 shares of the company’s stock after purchasing an additional 104,940 shares during the quarter. Verition Fund Management LLC owned about 0.10% of GitLab worth $8,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GTLB. Comerica Bank increased its position in shares of GitLab by 2,076.2% during the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after purchasing an additional 63,323 shares in the last quarter. ARK Investment Management LLC purchased a new position in GitLab during the 3rd quarter worth $13,435,000. Tidal Investments LLC purchased a new position in GitLab during the 1st quarter worth $922,000. Connor Clark & Lunn Investment Management Ltd. increased its position in GitLab by 111.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock valued at $17,334,000 after buying an additional 176,967 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in GitLab by 56.1% in the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock valued at $18,155,000 after buying an additional 126,578 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were 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. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the company’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 sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several recent analyst reports. Scotiabank upped their price objective on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Wells Fargo & Company upped their price target on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, October 21st. Baird R W raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, TD Cowen raised their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.17.

GitLab Stock Performance

NASDAQ:GTLB opened at $63.75 on Monday. The company has a fifty day moving average of $56.60 and a two-hundred day moving average of $51.92. 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 capitalization of $10.23 billion, a PE ratio of -27.24 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the company posted ($0.29) EPS. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. Research analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

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.