Westfield Capital Management Co. LP Purchases Shares of 843,548 GitLab Inc. (NASDAQ:GTLB)

Westfield Capital Management Co. LP acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 843,548 shares of the company’s stock, valued at approximately $49,196,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Orion Portfolio Solutions LLC raised its position in shares of GitLab by 6.3% during the first quarter. Orion Portfolio Solutions LLC now owns 35,223 shares of the company’s stock valued at $2,054,000 after buying an additional 2,102 shares during the last quarter. Blair William & Co. IL raised its position in shares of GitLab by 55.3% during the first quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after buying an additional 14,738 shares during the last quarter. US Bancorp DE raised its position in shares of GitLab by 329.3% during the first quarter. US Bancorp DE now owns 10,179 shares of the company’s stock valued at $594,000 after buying an additional 7,808 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of GitLab by 498.3% during the first quarter. Russell Investments Group Ltd. now owns 50,957 shares of the company’s stock valued at $2,972,000 after buying an additional 42,440 shares during the last quarter. Finally, Qsemble Capital Management LP raised its position in shares of GitLab by 392.7% during the first quarter. Qsemble Capital Management LP now owns 19,023 shares of the company’s stock valued at $1,109,000 after buying an additional 15,162 shares during the last quarter. Institutional investors own 91.72% of the company’s stock.

Insider Activity

In other news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the sale, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at $13,293,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the sale, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at $13,293,423. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 116,943 shares of company stock valued at $5,699,980. 21.36% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of GitLab in a research report on Wednesday. BTIG Research reduced their price target on shares of GitLab from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Cantor Fitzgerald reduced their price target on shares of GitLab from $70.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. DA Davidson reduced their price target on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Finally, Citic Securities initiated coverage on shares of GitLab in a research report on Monday, June 3rd. They issued a “buy” rating and a $80.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and an average price target of $67.30.

GitLab Trading Up 1.1 %

Shares of GTLB traded up $0.56 during trading hours on Friday, reaching $53.57. 1,652,063 shares of the company traded hands, compared to its average volume of 3,189,557. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of -19.48 and a beta of 0.46. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The stock’s fifty day moving average price is $50.02 and its 200 day moving average price is $57.92.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. The firm had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. On average, research analysts forecast that GitLab Inc. will post -0.5 earnings per share for the current 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.