ARK Investment Management LLC Takes Position in GitLab Inc. (NASDAQ:GTLB)

ARK Investment Management LLC purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 260,679 shares of the company’s stock, valued at approximately $13,435,000. ARK Investment Management LLC owned approximately 0.16% of GitLab at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC grew its holdings in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in GitLab in the 3rd quarter valued at about $52,000. Quarry LP raised its position in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares in the last quarter. Canton Hathaway LLC lifted its holdings in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after acquiring an additional 435 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of GitLab during the 3rd quarter worth approximately $119,000. Institutional investors own 91.72% of the company’s stock.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. Insiders have sold 97,007 shares of company stock valued at $5,320,233 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

GitLab Stock Performance

Shares of GitLab stock opened at $61.19 on Friday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The stock has a 50 day moving average price of $53.31 and a two-hundred day moving average price of $51.05. The stock has a market capitalization of $9.82 billion, a PE ratio of -26.15 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last announced its quarterly 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. The business had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.29) EPS. Research analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GTLB shares. Wells Fargo & Company boosted their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. DA Davidson reaffirmed a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 target price on shares of GitLab in a research note on Monday, August 19th. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Scotiabank raised their price objective 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 equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $66.38.

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.