Mission Creek Capital Partners Inc. Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Mission Creek Capital Partners Inc. grew its position in shares of GitLab Inc. (NASDAQ:GTLB) by 113.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 79,917 shares of the company’s stock after purchasing an additional 42,550 shares during the quarter. GitLab makes up about 1.0% of Mission Creek Capital Partners Inc.’s holdings, making the stock its 27th largest position. Mission Creek Capital Partners Inc.’s holdings in GitLab were worth $4,119,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Future Financial Wealth Managment LLC purchased a new position in GitLab during the 3rd quarter worth approximately $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. grew its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the last quarter. Quarry LP increased its holdings 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 acquiring an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in GitLab in the 3rd quarter valued at $96,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Up 1.4 %

Shares of GTLB stock opened at $63.86 on Wednesday. The stock has a market cap of $10.25 billion, a P/E ratio of -27.29 and a beta of 0.54. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The business has a fifty day simple moving average of $57.01 and a 200-day simple moving average of $52.02.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $176.86 million. During the same quarter in the previous year, the business posted ($0.29) earnings per share. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, sell-side analysts anticipate that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the firm’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 sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This trade represents a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 250,109 shares in the company, 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. Insiders own 21.36% of the company’s stock.

Analyst Ratings Changes

GTLB has been the topic of several research reports. Bank of America raised their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. BTIG Research boosted their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Scotiabank upped their price objective on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Wednesday, September 4th. Robert W. Baird lifted their target price on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company upped their price target on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $67.17.

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.