Future Fund LLC Has $1.24 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Future Fund LLC boosted its holdings in GitLab Inc. (NASDAQ:GTLB) by 27.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 21,682 shares of the company’s stock after purchasing an additional 4,637 shares during the period. GitLab comprises approximately 3.7% of Future Fund LLC’s portfolio, making the stock its 10th largest holding. Future Fund LLC’s holdings in GitLab were worth $1,235,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in GitLab in the third quarter worth $52,000. Rakuten Securities Inc. lifted its stake in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP lifted its stake in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in GitLab in the third quarter worth $96,000. 91.72% of the stock is owned by institutional investors.

GitLab Stock Performance

Shares of GTLB opened at $59.95 on Wednesday. The firm’s 50-day simple moving average is $53.82 and its two-hundred day simple moving average is $51.06. The stock has a market cap of $9.62 billion, a PE ratio of -25.62 and a beta of 0.45. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

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. The firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.29) earnings per share. Equities research analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

Insider Activity at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other GitLab news, insider Robin Schulman sold 2,990 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,007 shares of company stock worth $5,320,233 over the last quarter. Company insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GTLB shares. Morgan Stanley started coverage on shares of GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective on the stock. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. BTIG Research boosted their price objective 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. Bank of America boosted their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company boosted their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

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.