Palumbo Wealth Management LLC Purchases Shares of 4,539 GitLab Inc. (NASDAQ:GTLB)

Palumbo Wealth Management LLC purchased a new stake in GitLab Inc. (NASDAQ:GTLB) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,539 shares of the company’s stock, valued at approximately $234,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in GitLab in the third quarter valued at about $52,000. Quarry LP raised its stake in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the last quarter. Canton Hathaway LLC raised its stake in GitLab by 26.3% in the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after buying an additional 435 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in GitLab in the third quarter valued at about $119,000. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

GitLab stock traded down $0.36 during trading on Thursday, reaching $54.20. 98,334 shares of the company were exchanged, compared to its average volume of 2,366,295. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53. The company has a market capitalization of $8.70 billion, a P/E ratio of -23.32 and a beta of 0.46. The stock’s 50 day simple moving average is $52.04 and its two-hundred day simple moving average is $50.85.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter last year, the business posted ($0.29) earnings per share. The firm’s revenue was up 30.8% compared to the same quarter last year. As a group, equities analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Morgan Stanley assumed coverage on GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target for the company. Barclays increased 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price objective on shares of GitLab in a report on Monday, August 19th. Needham & Company LLC raised GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, October 21st. Finally, BTIG Research increased their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.38.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other GitLab news, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares of the company’s stock, valued at $7,484,180. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,341 shares of company stock worth $4,374,604. 21.36% of the stock is owned by corporate 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.