Healthcare of Ontario Pension Plan Trust Fund Invests $1.21 Million in GitLab Inc. (NASDAQ:GTLB)

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 23,378 shares of the company’s stock, valued at approximately $1,205,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bank of Marin lifted its holdings 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 in the last quarter. Moloney Securities Asset Management LLC lifted its stake in GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after buying an additional 300 shares in the last quarter. Glenmede Trust Co. NA boosted its holdings in GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares during the last quarter. Canton Hathaway LLC boosted its holdings in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after buying an additional 488 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Insider Activity

In related news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,033 shares of company stock worth $10,569,356. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

NASDAQ GTLB opened at $63.75 on Monday. The company has a market cap of $10.23 billion, a P/E ratio of -27.24 and a beta of 0.45. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The stock has a 50-day moving average of $56.60 and a two-hundred day moving average of $51.92.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GTLB shares. TD Cowen lifted their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Royal Bank of Canada upped their target price on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Cantor Fitzgerald raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Finally, Robert W. Baird raised their target price 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 investment 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $67.17.

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.