OneDigital Investment Advisors LLC Takes $200,000 Position in GitLab Inc. (NASDAQ:GTLB)

OneDigital Investment Advisors LLC bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,881 shares of the company’s stock, valued at approximately $200,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GTLB. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the third quarter worth about $52,000. Rakuten Securities Inc. grew its stake in 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 buying an additional 1,032 shares during the last quarter. Quarry LP increased its position 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 during the period. Capital Performance Advisors LLP purchased a new stake in GitLab in the third quarter valued at approximately $96,000. Finally, Canton Hathaway LLC boosted its holdings in shares of GitLab by 26.3% in the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after acquiring an additional 435 shares during the period. 91.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. BTIG Research upped their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Monday, October 21st. Royal Bank of Canada increased their target price 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. Robert W. Baird boosted their price target on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley assumed coverage on GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $66.67.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock worth $10,569,356 in the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab Trading Up 2.8 %

GTLB stock opened at $66.62 on Friday. The company has a market cap of $10.69 billion, a price-to-earnings ratio of -28.47 and a beta of 0.45. The firm has a 50 day moving average of $55.32 and a 200-day moving average of $51.57. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53.

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