Ionic Capital Management LLC Makes New $526,000 Investment in GitLab Inc. (NASDAQ:GTLB)

Ionic Capital Management LLC acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 10,201 shares of the company’s stock, valued at approximately $526,000.

Several other hedge funds have also recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab during the 3rd quarter valued at approximately $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. lifted its holdings in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the period. Quarry LP lifted its stake in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in GitLab during the 3rd quarter worth approximately $96,000. 91.72% of the stock is owned by institutional investors and hedge funds.

GitLab Stock Performance

GTLB stock opened at $62.99 on Tuesday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The business has a 50 day moving average price of $56.80 and a two-hundred day moving average price of $51.97.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping 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 company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period in the previous year, the firm posted ($0.29) earnings per share. The firm’s revenue for the quarter was up 30.8% on a year-over-year basis. Equities research analysts forecast that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on GTLB shares. Barclays boosted their target price on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. KeyCorp lifted their price objective on GitLab from $62.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. UBS Group raised their target price on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $67.17.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the transaction, the director now directly owns 137,983 shares of the company’s stock, valued at $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 in the last three months. 21.36% of the stock is owned by insiders.

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.