Malaga Cove Capital LLC Raises Holdings in GitLab Inc. (NASDAQ:GTLB)

Malaga Cove Capital LLC boosted its stake in GitLab Inc. (NASDAQ:GTLB) by 45.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 9,631 shares of the company’s stock after acquiring an additional 3,020 shares during the period. Malaga Cove Capital LLC’s holdings in GitLab were worth $496,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Wealth Architects LLC raised its holdings in shares of GitLab by 39.1% in the third quarter. Wealth Architects LLC now owns 7,853 shares of the company’s stock worth $405,000 after acquiring an additional 2,209 shares during the last quarter. M&G PLC increased its position in GitLab by 2.9% during the 3rd quarter. M&G PLC now owns 211,361 shares of the company’s stock worth $10,991,000 after purchasing an additional 6,039 shares in the last quarter. NorthRock Partners LLC purchased a new stake in GitLab during the 3rd quarter worth about $252,000. Janney Montgomery Scott LLC raised its stake in GitLab by 4.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock valued at $1,879,000 after purchasing an additional 1,388 shares during the last quarter. Finally, Stephens Investment Management Group LLC lifted its holdings in GitLab by 11.2% in the 3rd quarter. Stephens Investment Management Group LLC now owns 724,265 shares of the company’s stock valued at $37,329,000 after purchasing an additional 72,925 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Trading Up 6.7 %

Shares of NASDAQ GTLB opened at $60.21 on Thursday. The company has a market cap of $9.66 billion, a P/E ratio of -25.73 and a beta of 0.45. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The stock has a fifty day moving average price of $53.04 and a 200 day moving average price of $50.97.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GTLB. BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Needham & Company LLC upgraded GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday, October 21st. UBS Group raised their price objective on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada upped their target price on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Finally, Bank of America raised their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.38.

Insider Activity at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the company’s 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 sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the 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 legal filing with the SEC, which is available at the SEC website. Also, 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 of the company’s stock, valued at $3,825,254.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,007 shares of company stock valued at $5,320,233 over the last three months. 21.36% of the stock is owned by insiders.

About GitLab

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.