State of New Jersey Common Pension Fund D Has $2.41 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

State of New Jersey Common Pension Fund D trimmed its position in GitLab Inc. (NASDAQ:GTLB) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,835 shares of the company’s stock after selling 681 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in GitLab were worth $2,414,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Canaccord Genuity Group boosted their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, TD Cowen boosted their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.62.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $67.45 on Friday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $76.41. The company’s fifty day moving average is $63.87 and its 200-day moving average is $57.54. The company has a market capitalization of $10.95 billion, a PE ratio of -210.78 and a beta of 0.63.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the transaction, the director now owns 134,733 shares in the company, valued at $7,947,899.67. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 740,257 shares of company stock worth $44,710,867. Corporate insiders own 21.36% of the company’s stock.

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.