Chartwell Investment Partners LLC Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

Chartwell Investment Partners LLC acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,606 shares of the company’s stock, valued at approximately $650,000.

Several other hedge funds also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in GitLab during the third quarter worth approximately $52,000. Quarry LP raised its stake in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of GitLab in the third quarter valued at approximately $96,000. Finally, Canton Hathaway LLC boosted its stake 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. Institutional investors own 91.72% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the topic of a number of research analyst reports. Barclays increased their price target on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Bank of America lifted their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Scotiabank increased 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. Wells Fargo & Company boosted their price objective on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, DA Davidson reissued a “neutral” rating and set a $50.00 price target on shares of GitLab in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.38.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the sale, the insider now owns 136,076 shares of the company’s stock, valued at approximately $7,484,180. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $164,450.00. Following the sale, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,007 shares of company stock worth $5,320,233 in the last three months. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Performance

Shares of GTLB stock opened at $60.93 on Thursday. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The stock’s fifty day moving average price is $54.13 and its two-hundred day moving average price is $51.09. The company has a market cap of $9.78 billion, a PE ratio of -26.04 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.29) earnings per share. On average, equities analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

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.