Atreides Management LP Invests $25.61 Million in GitLab Inc. (NASDAQ:GTLB)

Atreides Management LP purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 496,795 shares of the company’s stock, valued at approximately $25,605,000.

Other large investors also recently modified their holdings of the company. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab during the 3rd quarter worth approximately $52,000. True Wealth Design LLC purchased a new stake in shares of GitLab during the 3rd quarter worth approximately $56,000. Rakuten Securities Inc. increased its stake in shares of GitLab by 268.1% during the 3rd 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 last quarter. Quarry LP increased its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab during the 3rd quarter worth approximately $96,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insiders Place Their Bets

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This represents a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock valued at $10,569,356 over the last three months. Insiders own 21.36% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on GTLB. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, October 21st. DA Davidson reiterated a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Wells Fargo & Company lifted their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, TD Cowen lifted their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Three equities research 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. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $67.17.

GitLab Stock Performance

NASDAQ GTLB opened at $63.75 on Monday. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The company has a market capitalization of $10.23 billion, a P/E ratio of -27.24 and a beta of 0.45. The company has a fifty day moving average of $56.60 and a 200-day moving average of $51.92.

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, topping analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.29) EPS. As a group, analysts forecast that GitLab Inc. will post -0.41 EPS for the current fiscal year.

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.