New York State Common Retirement Fund Boosts Stock Position in GitLab Inc. (NASDAQ:GTLB)

New York State Common Retirement Fund boosted its holdings in GitLab Inc. (NASDAQ:GTLB) by 7.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 391,757 shares of the company’s stock after acquiring an additional 27,480 shares during the quarter. New York State Common Retirement Fund owned 0.25% of GitLab worth $24,665,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GTLB. Ramirez Asset Management Inc. bought a new position in GitLab in the 3rd quarter valued at approximately $36,000. SRS Capital Advisors Inc. bought a new position in GitLab in the 3rd quarter valued at approximately $40,000. Canton Hathaway LLC lifted its position in GitLab by 100.0% in the 4th quarter. Canton Hathaway LLC now owns 1,188 shares of the company’s stock valued at $75,000 after acquiring an additional 594 shares in the last quarter. Federated Hermes Inc. bought a new position in GitLab in the 3rd quarter valued at approximately $112,000. Finally, Rakuten Securities Inc. bought a new position in GitLab in the 4th quarter valued at approximately $132,000. 91.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GTLB has been the topic of several analyst reports. DA Davidson lowered their price objective on GitLab from $75.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 5th. Wells Fargo & Company assumed coverage on GitLab in a report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price target on the stock. Truist Financial reissued a “buy” rating and set a $80.00 price target on shares of GitLab in a report on Monday, April 1st. UBS Group lowered their price target on GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Finally, KeyCorp assumed coverage on GitLab in a report on Tuesday, March 19th. They set an “overweight” rating and a $70.00 price target on the stock. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $70.73.

GitLab Trading Down 1.0 %

Shares of GTLB stock opened at $55.46 on Friday. GitLab Inc. has a 52-week low of $26.24 and a 52-week high of $78.53. The stock has a fifty day simple moving average of $59.87 and a two-hundred day simple moving average of $58.26.

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

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 13,000 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $72.56, for a total transaction of $943,280.00. Following the completion of the transaction, the chief financial officer now owns 319,300 shares in the company, valued at $23,168,408. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Brian G. Robins sold 13,000 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $72.56, for a total transaction of $943,280.00. Following the completion of the transaction, the chief financial officer now owns 319,300 shares in the company, valued at $23,168,408. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $54.92, for a total value of $3,075,520.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 492,638 shares of company stock worth $28,048,607. Corporate insiders own 28.04% 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.