Holocene Advisors LP Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

Holocene Advisors LP purchased a new stake in GitLab Inc. (NASDAQ:GTLB) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 49,122 shares of the company’s stock, valued at approximately $2,532,000.

Other institutional investors have also made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new position in GitLab in the 3rd quarter valued at $52,000. True Wealth Design LLC acquired a new position in GitLab in the third quarter valued at about $56,000. Rakuten Securities Inc. lifted its position in 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 purchasing an additional 1,032 shares during the period. Quarry LP grew its stake in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in GitLab in the 3rd quarter valued at about $96,000. 91.72% of the stock is currently owned by institutional investors.

GitLab Trading Down 0.8 %

Shares of GTLB stock opened at $66.04 on Friday. The stock has a 50-day moving average of $57.60 and a 200-day moving average of $52.22. The stock has a market cap of $10.60 billion, a price-to-earnings ratio of -28.22 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly 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 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 company earned ($0.29) EPS. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. Sell-side analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 over the last quarter. Company insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. BTIG Research raised their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Bank of America boosted 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. DA Davidson restated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Finally, UBS Group lifted their target price on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $67.58.

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.