Victory Capital Management Inc. Has $16.02 Million Position in GitLab Inc. (NASDAQ:GTLB)

Victory Capital Management Inc. increased its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 766.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 254,483 shares of the company's stock after buying an additional 225,129 shares during the period. Victory Capital Management Inc. owned 0.16% of GitLab worth $16,022,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GTLB. Invesco Ltd. lifted its holdings in shares of GitLab by 71.3% in the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company's stock valued at $191,590,000 after acquiring an additional 1,762,944 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of GitLab by 6.8% in the 3rd quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company's stock worth $376,115,000 after purchasing an additional 530,702 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of GitLab during the 3rd quarter valued at approximately $21,385,000. Wellington Management Group LLP raised its holdings in GitLab by 280.3% during the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company's stock valued at $28,443,000 after buying an additional 463,584 shares during the period. Finally, CloudAlpha Capital Management Limited Hong Kong lifted its position in GitLab by 108.4% in the fourth quarter. CloudAlpha Capital Management Limited Hong Kong now owns 388,700 shares of the company's stock worth $24,473,000 after buying an additional 202,200 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

GitLab Stock Down 0.1 %

Shares of NASDAQ GTLB traded down $0.04 during mid-day trading on Friday, reaching $52.87. 1,467,859 shares of the company were exchanged, compared to its average volume of 1,570,139. GitLab Inc. has a 1 year low of $28.39 and a 1 year high of $78.53. The firm has a 50-day moving average of $56.39 and a 200 day moving average of $58.84. The stock has a market cap of $8.39 billion, a price-to-earnings ratio of -19.23 and a beta of 0.49.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The business had revenue of $163.80 million for the quarter, compared to analysts' expectations of $157.89 million. During the same period last year, the business earned ($0.26) EPS. The company's revenue was up 33.3% compared to the same quarter last year. On average, equities analysts forecast that GitLab Inc. will post -0.96 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on GTLB shares. Mizuho cut their price objective on shares of GitLab from $87.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, March 5th. DA Davidson reduced their price objective on shares of GitLab from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 5th. UBS Group dropped their target price on GitLab from $81.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, March 5th. Bank of America cut their target price on GitLab from $88.00 to $85.00 and set a "buy" rating on the stock in a research note on Tuesday, March 5th. Finally, Sanford C. Bernstein raised their price target on GitLab from $71.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.73.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 13,000 shares of the business's stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $72.56, for a total transaction of $943,280.00. Following the transaction, the chief financial officer now directly owns 319,300 shares in the company, valued at approximately $23,168,408. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Sytse Sijbrandij sold 75,000 shares of GitLab stock in a transaction on Monday, March 18th. The shares were sold at an average price of $55.19, for a total transaction of $4,139,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 13,000 shares of the company's stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $72.56, for a total value of $943,280.00. Following the completion of the transaction, the chief financial officer now directly owns 319,300 shares in the company, valued at $23,168,408. The disclosure for this sale can be found here. Over the last three months, insiders have sold 446,383 shares of company stock valued at $24,575,808. Corporate insiders own 21.36% of the company's stock.

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.