Quent Capital LLC Has $503,000 Stake in GitLab Inc. $GTLB

Key Points

• Quent Capital LLC significantly increased its stake in GitLab Inc. by 11,766.0% in the second quarter, now holding 11,154 shares worth $503,000.
• Recent insider transactions include CAO Simon Mundy selling 5,191 shares for approximately $228,352, representing an 8.84% decrease in his position.
• Analysts have varied opinions on GitLab, with target prices ranging from $55.00 to $57.00, and an average consensus target price of $58.67.

Quent Capital LLC raised its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 11,766.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,154 shares of the company's stock after acquiring an additional 11,060 shares during the quarter. Quent Capital LLC's holdings in GitLab were worth $503,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 1832 Asset Management L.P. boosted its position in GitLab by 2,456.8% in the first quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after buying an additional 2,205,238 shares in the last quarter. Champlain Investment Partners LLC acquired a new stake in GitLab in the first quarter valued at approximately $60,371,000. ARK Investment Management LLC boosted its position in GitLab by 109.1% in the first quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock valued at $114,038,000 after buying an additional 1,265,830 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its position in GitLab by 175.1% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,396,613 shares of the company's stock valued at $65,529,000 after buying an additional 888,900 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new stake in GitLab in the first quarter valued at approximately $39,976,000. 95.04% of the stock is owned by institutional investors.

Insider Transactions at GitLab

In related news, CAO Simon Mundy sold 5,191 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total value of $228,352.09. Following the transaction, the chief accounting officer directly owned 53,507 shares in the company, valued at $2,353,772.93. This trade represents a 8.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Jacobson sold 396,147 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $50.53, for a total value of $20,017,307.91. Following the completion of the transaction, the director owned 73,299 shares in the company, valued at approximately $3,703,798.47. This represents a 84.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,224,362 shares of company stock valued at $59,723,796 in the last 90 days. 16.37% of the stock is currently owned by company insiders.

GitLab Stock Up 0.9%

Shares of GTLB stock opened at $46.91 on Friday. The company has a market cap of $7.82 billion, a price-to-earnings ratio of -1,172.75 and a beta of 0.73. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a 50 day moving average of $45.99 and a 200-day moving average of $45.96.

Analysts Set New Price Targets

GTLB has been the topic of a number of research analyst reports. BTIG Research cut their target price on shares of GitLab from $67.00 to $57.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. FBN Securities raised GitLab to a "strong-buy" rating in a research note on Thursday, September 4th. Morgan Stanley upped their price objective on GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Raymond James Financial lowered their price objective on GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, September 4th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of GitLab in a research note on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.67.

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.

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