Whetstone Capital Advisors LLC Buys 41,804 Shares of GitLab Inc. (NASDAQ:GTLB)

Whetstone Capital Advisors LLC increased its stake in GitLab Inc. (NASDAQ:GTLB) by 60.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 110,544 shares of the company’s stock after purchasing an additional 41,804 shares during the period. GitLab makes up 2.7% of Whetstone Capital Advisors LLC’s holdings, making the stock its 14th largest position. Whetstone Capital Advisors LLC owned approximately 0.07% of GitLab worth $5,697,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Comerica Bank grew its holdings in shares of GitLab by 2,076.2% during the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after buying an additional 63,323 shares in the last quarter. ARK Investment Management LLC bought a new position in shares of GitLab during the 3rd quarter worth approximately $13,435,000. Tidal Investments LLC acquired a new stake in shares of GitLab in the first quarter valued at approximately $922,000. Victory Capital Management Inc. increased its stake in GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock valued at $18,155,000 after buying an additional 126,578 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in GitLab by 111.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock worth $17,334,000 after acquiring an additional 176,967 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

Insider Activity

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 transaction of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company’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 transaction of $5,056,040.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is currently owned by corporate insiders.

GitLab Stock Performance

GTLB opened at $68.09 on Monday. The company’s 50 day moving average is $55.32 and its 200-day moving average is $51.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating 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 analyst estimates of $176.86 million. During the same quarter last year, the business posted ($0.29) earnings per share. The company’s quarterly revenue was up 30.8% on a year-over-year basis. On average, equities analysts expect that GitLab Inc. will post -0.41 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on GTLB. DA Davidson restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Royal Bank of Canada upped their price target on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Robert W. Baird boosted their price objective on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.67.

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.