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

Bamco Inc. NY boosted its holdings in GitLab Inc. (NASDAQ:GTLB) by 0.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,253,244 shares of the company’s stock after buying an additional 4,874 shares during the quarter. Bamco Inc. NY’s holdings in GitLab were worth $64,592,000 at the end of the most recent quarter.

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

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

GitLab Stock Performance

NASDAQ:GTLB opened at $63.75 on Monday. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of -27.24 and a beta of 0.45. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The business’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 earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million for 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% on a year-over-year basis. During the same period in the prior year, the company posted ($0.29) EPS. On average, equities research analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of research analyst reports. Royal Bank of Canada upped their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Wells Fargo & Company upped their price target on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. KeyCorp raised their price objective on GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird boosted their target price on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, BTIG Research raised their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.17.

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.