State of New Jersey Common Pension Fund D Sells 651 Shares of GitLab Inc. (NASDAQ:GTLB)

State of New Jersey Common Pension Fund D lowered its position in GitLab Inc. (NASDAQ:GTLB) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC grew its stake in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the period. Oppenheimer & Co. Inc. increased its holdings in GitLab by 104.9% during the first quarter. Oppenheimer & Co. Inc. now owns 7,262 shares of the company’s stock valued at $424,000 after buying an additional 3,718 shares during the last quarter. Swiss National Bank increased its holdings in GitLab by 3.5% during the first quarter. Swiss National Bank now owns 159,700 shares of the company’s stock valued at $9,314,000 after buying an additional 5,400 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of GitLab by 498.3% during the 1st quarter. Russell Investments Group Ltd. now owns 50,957 shares of the company’s stock worth $2,972,000 after acquiring an additional 42,440 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of GitLab by 329.3% during the 1st quarter. US Bancorp DE now owns 10,179 shares of the company’s stock valued at $594,000 after acquiring an additional 7,808 shares during the period. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on GTLB shares. Royal Bank of Canada lifted their target price on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday. DA Davidson reissued a “neutral” rating and issued a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Needham & Company LLC raised shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, October 21st. Finally, Robert W. Baird increased their price objective on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

Insider Activity

In related news, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,007 shares of company stock valued at $5,320,233. 21.36% of the stock is currently owned by insiders.

GitLab Trading Up 0.4 %

Shares of NASDAQ GTLB opened at $61.15 on Friday. The stock has a market capitalization of $9.81 billion, a price-to-earnings 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 firm’s 50-day moving average price is $54.26 and its 200-day moving average price is $51.16.

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

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.