Concentric Capital Strategies LP Grows Position in GitLab Inc. (NASDAQ:GTLB)

Concentric Capital Strategies LP raised its holdings in GitLab Inc. (NASDAQ:GTLB) by 34.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,003 shares of the company’s stock after purchasing an additional 11,968 shares during the period. Concentric Capital Strategies LP’s holdings in GitLab were worth $2,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tidal Investments LLC bought a new position in GitLab in the 1st quarter worth approximately $922,000. Comerica Bank lifted its position in shares of GitLab by 2,076.2% during the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after acquiring an additional 63,323 shares in the last quarter. Cetera Advisors LLC bought a new position in shares of GitLab in the first quarter worth $368,000. Harbor Capital Advisors Inc. boosted its holdings in shares of GitLab by 88.0% in the second quarter. Harbor Capital Advisors Inc. now owns 31,605 shares of the company’s stock worth $1,571,000 after acquiring an additional 14,798 shares during the period. Finally, CWM LLC grew its position in shares of GitLab by 24.9% in the second quarter. CWM LLC now owns 46,501 shares of the company’s stock valued at $2,312,000 after purchasing an additional 9,272 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on GTLB shares. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. DA Davidson reissued a “neutral” rating and issued a $50.00 price target on shares of GitLab in a report on Monday, October 14th. UBS Group boosted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Monday, October 21st. Finally, Scotiabank raised their price target on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Three investment 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 stock. Based on data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus price target of $67.17.

GitLab Trading Down 1.2 %

Shares of NASDAQ:GTLB opened at $62.99 on Tuesday. The company’s fifty day moving average is $56.80 and its 200 day moving average is $51.97. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data 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 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 in the previous year, the business earned ($0.29) earnings per share. The company’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts forecast that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 in the last ninety days. 21.36% of the stock is owned by company 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.