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

New York State Common Retirement Fund increased its stake in GitLab Inc. (NASDAQ:GTLB) by 10.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 557,923 shares of the company’s stock after acquiring an additional 53,849 shares during the quarter. New York State Common Retirement Fund owned approximately 0.34% of GitLab worth $31,439,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wilmington Savings Fund Society FSB grew its holdings in shares of GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after buying an additional 150 shares in the last quarter. Bank of Marin boosted its position in GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in GitLab by 0.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after purchasing an additional 281 shares during the last quarter. Glenmede Trust Co. NA boosted its position in GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after purchasing an additional 334 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in GitLab by 18.2% during the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Down 3.4 %

GTLB stock opened at $67.45 on Friday. The business’s fifty day moving average is $63.87 and its 200-day moving average is $57.54. The company has a market cap of $10.95 billion, a P/E ratio of -210.78 and a beta of 0.63. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $76.41.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last 90 days. 21.36% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. The Goldman Sachs Group lifted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, DA Davidson lifted their price objective on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.62.

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.