Westend Capital Management LLC Takes $4.93 Million Position in GitLab Inc. (NASDAQ:GTLB)

Westend Capital Management LLC acquired a new position in GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 95,726 shares of the company’s stock, valued at approximately $4,934,000. GitLab comprises about 1.7% of Westend Capital Management LLC’s holdings, making the stock its 26th biggest holding. Westend Capital Management LLC owned 0.06% of GitLab at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Quarry LP boosted its stake in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares during the last quarter. Tucker Asset Management LLC purchased a new position in GitLab during the fourth quarter valued at $83,000. Wellington Management Group LLP grew its holdings in GitLab by 25.8% during the fourth quarter. Wellington Management Group LLP now owns 791,356 shares of the company’s stock valued at $49,824,000 after purchasing an additional 162,369 shares during the period. Vanguard Group Inc. increased its position in GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after buying an additional 1,070,994 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of GitLab in the fourth quarter worth about $905,000. 91.72% of the stock is currently owned by institutional investors.

GitLab Trading Up 0.7 %

Shares of NASDAQ:GTLB opened at $54.73 on Friday. The company has a market cap of $8.70 billion, a price-to-earnings ratio of -19.90 and a beta of 0.46. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The company has a 50-day moving average price of $49.25 and a 200 day moving average price of $51.10.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the company earned ($0.29) EPS. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. As a group, equities analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. UBS Group increased their target price on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada increased their price objective on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Needham & Company LLC restated a “hold” rating on shares of GitLab in a research note on Wednesday, September 4th. Bank of America increased their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Barclays boosted their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus price target of $66.22.

Insider Buying and Selling at GitLab

In other news, insider Robin Schulman sold 2,402 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the completion of the sale, the insider now owns 142,933 shares in the company, valued at approximately $8,039,981.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other GitLab news, Director Karen Blasing sold 4,430 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $249,187.50. Following the sale, the director now owns 150,983 shares in the company, valued at $8,492,793.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robin Schulman sold 2,402 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $135,112.50. Following the sale, the insider now directly owns 142,933 shares of the company’s stock, valued at $8,039,981.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,755 shares of company stock worth $5,585,417 over the last quarter. Insiders own 21.36% of the company’s stock.

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.