Verition Fund Management LLC Grows Stock Position in GitLab Inc. (NASDAQ:GTLB)

Verition Fund Management LLC increased its holdings in GitLab Inc. (NASDAQ:GTLB) by 179.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 163,476 shares of the company’s stock after acquiring an additional 104,940 shares during the period. Verition Fund Management LLC’s holdings in GitLab were worth $8,426,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. Captrust Financial Advisors grew its holdings in shares of GitLab by 233.1% during the 3rd quarter. Captrust Financial Advisors now owns 14,200 shares of the company’s stock worth $732,000 after purchasing an additional 9,937 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in GitLab by 6.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 624,803 shares of the company’s stock valued at $32,202,000 after buying an additional 40,164 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in GitLab by 4.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,554 shares of the company’s stock worth $1,317,000 after buying an additional 1,030 shares during the period. BNP Paribas acquired a new stake in shares of GitLab during the third quarter valued at about $384,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of GitLab in the 3rd quarter valued at approximately $1,205,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated 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 owns 72,448 shares of the company’s stock, valued at $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 available through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock valued at $10,569,356 over the last quarter. Company insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the subject of several research reports. Royal Bank of Canada lifted their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Barclays boosted their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Wells Fargo & Company raised their target price on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. UBS Group boosted their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Morgan Stanley began coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.17.

GitLab Trading Down 0.1 %

Shares of NASDAQ:GTLB opened at $63.75 on Monday. The firm has a 50 day simple moving average of $56.60 and a 200-day simple moving average of $51.92. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The company has a market capitalization of $10.23 billion, a PE ratio of -27.24 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) 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 company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the prior year, the firm posted ($0.29) earnings per share. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. As a group, equities research analysts predict 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.