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

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

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in shares of GitLab by 2,107.7% during the 1st 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 shares of GitLab during the first quarter worth $58,000. Banque Cantonale Vaudoise purchased a new stake in shares of GitLab during the 1st quarter valued at $58,000. Quarry LP boosted its position in shares of GitLab by 75.1% in the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after purchasing an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC purchased a new position in GitLab during the 4th quarter worth $83,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Stock Performance

GTLB stock opened at $54.73 on Friday. The firm’s fifty day moving average is $49.25 and its 200 day moving average is $51.10. The firm has a market cap of $8.70 billion, a PE ratio of -19.90 and a beta of 0.46. GitLab Inc. has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last announced 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 firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.29) EPS. Research analysts predict that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. Insiders sold 110,755 shares of company stock worth $5,585,417 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GTLB has been the subject of several recent analyst reports. TD Cowen raised their price target on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. BTIG Research boosted their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. UBS Group raised their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Morgan Stanley began coverage on shares of GitLab in a report on Wednesday. They set an “overweight” rating and a $70.00 price objective on the stock. Finally, Robert W. Baird raised their target price on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Four analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.22.

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.