State of New Jersey Common Pension Fund D Lowers Position in GitLab Inc. (NASDAQ:GTLB)

State of New Jersey Common Pension Fund D decreased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 1.5% during the third quarter, HoldingsChannel reports. The firm owned 43,516 shares of the company’s stock after selling 651 shares during the period. State of New Jersey Common Pension Fund D’s holdings in GitLab were worth $2,243,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GTLB. Blair William & Co. IL increased its holdings in 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 period. Comerica Bank increased its holdings in shares of GitLab by 2,076.2% in the 1st quarter. Comerica Bank now owns 66,373 shares of the company’s stock valued at $3,871,000 after acquiring an additional 63,323 shares during the period. ARK Investment Management LLC bought a new position in shares of GitLab in the 3rd quarter worth $13,435,000. Tidal Investments LLC purchased a new stake in shares of GitLab during the 1st quarter worth $922,000. Finally, William Blair Investment Management LLC bought a new stake in GitLab during the second quarter valued at about $16,071,000. Institutional investors own 91.72% of the company’s stock.

GitLab Trading Up 0.4 %

GitLab stock opened at $61.15 on Friday. The firm has a market cap of $9.81 billion, a PE ratio of -26.13 and a beta of 0.45. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The stock’s 50 day simple moving average is $54.26 and its two-hundred day simple moving average is $51.16.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s revenue was up 30.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.29) earnings per share. On average, equities research analysts forecast that GitLab Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the transaction, the insider now owns 136,076 shares in the company, valued at $7,484,180. This represents a 2.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,007 shares of company stock valued at $5,320,233. 21.36% of the stock is owned by company insiders.

Analyst Ratings Changes

GTLB has been the subject of several analyst reports. Royal Bank of Canada increased their price target on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. UBS Group raised their target price on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Robert W. Baird upped their price target on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. TD Cowen raised their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Barclays upped their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $66.38.

GitLab 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.