Circle Wealth Management LLC Buys 8,784 Shares of GitLab Inc. (NASDAQ:GTLB)

Circle Wealth Management LLC lifted its stake in GitLab Inc. (NASDAQ:GTLB) by 105.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,141 shares of the company’s stock after acquiring an additional 8,784 shares during the quarter. Circle Wealth Management LLC’s holdings in GitLab were worth $883,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in GTLB. Fiera Capital Corp grew its position in GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after purchasing an additional 16,961 shares during the period. Renaissance Technologies LLC increased its position in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after acquiring an additional 747,712 shares during the last quarter. Primecap Management Co. CA lifted its holdings in GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after acquiring an additional 603,200 shares during the period. DNB Asset Management AS purchased a new position in GitLab in the second quarter worth about $37,851,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of GitLab by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock valued at $38,728,000 after purchasing an additional 57,381 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GTLB shares. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. DA Davidson reissued a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Scotiabank raised their target price on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday, September 4th. Royal Bank of Canada raised their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, Bank of America boosted their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.17.

Insider Buying and Selling

In other news, CAO Erin Mannix sold 1,433 shares of the 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 owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 in the last three months. 21.36% of the stock is owned by insiders.

GitLab Trading Down 0.1 %

Shares of GTLB stock opened at $63.75 on Friday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The stock has a fifty day simple moving average of $56.60 and a two-hundred day simple moving average of $51.97. The stock has a market capitalization of $10.23 billion, a price-to-earnings ratio of -27.24 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the business earned ($0.29) EPS. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. Research analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

GitLab Company 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.