GitLab Inc. (NASDAQ:GTLB) Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund grew its position in GitLab Inc. (NASDAQ:GTLB) by 7.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 391,757 shares of the company’s stock after purchasing an additional 27,480 shares during the quarter. New York State Common Retirement Fund’s holdings in GitLab were worth $24,665,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ramirez Asset Management Inc. acquired a new stake in shares of GitLab in the 3rd quarter valued at $36,000. SRS Capital Advisors Inc. acquired a new stake in GitLab during the 3rd quarter worth $40,000. Canton Hathaway LLC raised its stake in GitLab by 100.0% during the 4th quarter. Canton Hathaway LLC now owns 1,188 shares of the company’s stock worth $75,000 after acquiring an additional 594 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in GitLab during the 4th quarter worth $132,000. Finally, Federated Hermes Inc. acquired a new stake in GitLab during the 3rd quarter worth $112,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 230,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $53.59, for a total transaction of $12,325,700.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Sytse Sijbrandij sold 230,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $53.59, for a total transaction of $12,325,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robin Schulman sold 30,543 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the transaction, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,516,514.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 492,638 shares of company stock valued at $28,048,607. Corporate insiders own 28.04% of the company’s stock.

GitLab Stock Down 1.0 %

Shares of NASDAQ:GTLB opened at $55.46 on Friday. The firm’s 50-day simple moving average is $59.87 and its 200-day simple moving average is $58.26. GitLab Inc. has a fifty-two week low of $26.24 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.07. The business had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. Equities research analysts expect that GitLab Inc. will post -0.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GTLB shares. Capital One Financial started coverage on shares of GitLab in a research note on Friday, March 22nd. They set an “overweight” rating and a $72.00 price target on the stock. Bank of America cut their price target on shares of GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. Truist Financial reiterated a “buy” rating and set a $80.00 price target on shares of GitLab in a research note on Monday, April 1st. Wolfe Research upgraded shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a research note on Wednesday, March 6th. Finally, Raymond James upgraded shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research note on Friday, April 12th. 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, GitLab currently has an average rating of “Moderate Buy” and an average target price of $70.73.

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.