GitLab Inc. (NASDAQ:GTLB) Stock Holdings Increased by Renaissance Capital LLC

Renaissance Capital LLC increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 20.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,788 shares of the company’s stock after purchasing an additional 21,337 shares during the period. GitLab makes up 4.3% of Renaissance Capital LLC’s holdings, making the stock its 9th biggest position. Renaissance Capital LLC owned approximately 0.08% of GitLab worth $6,586,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its stake in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $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 3rd quarter worth approximately $52,000. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab during the 1st quarter worth approximately $58,000. Quarry LP grew its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the period. Finally, Canton Hathaway LLC increased 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 valued at $104,000 after purchasing an additional 435 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Royal Bank of Canada raised their price target on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. TD Cowen raised their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Bank of America upped their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. BTIG Research raised 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. Finally, UBS Group upped their target price on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $66.22.

GitLab Trading Down 1.0 %

Shares of GTLB opened at $54.42 on Wednesday. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The firm has a market capitalization of $8.65 billion, a P/E ratio of -19.79 and a beta of 0.46. The firm has a 50-day moving average price of $49.72 and a 200 day moving average price of $51.00.

GitLab (NASDAQ:GTLB) last posted 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 during 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 business’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) EPS. Equities research analysts predict that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, insider Robin Schulman sold 2,990 shares of the 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 transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now owns 136,076 shares in the company, valued at $7,484,180. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,423 shares of company stock worth $2,283,552 over the last quarter. 21.36% of the stock is currently 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.