GitLab Inc. $GTLB Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System decreased its holdings in GitLab Inc. (NASDAQ:GTLB) by 15.7% in the first quarter, Holdings Channel reports. The firm owned 5,702 shares of the company’s stock after selling 1,065 shares during the period. Maryland State Retirement & Pension System’s holdings in GitLab were worth $268,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GTLB. Cullen Frost Bankers Inc. boosted its position in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after purchasing an additional 334 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in shares of GitLab in the 1st quarter worth $29,000. CoreCap Advisors LLC boosted its position in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. Harbour Investments Inc. boosted its position in shares of GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock worth $42,000 after purchasing an additional 734 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after purchasing an additional 490 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling

In related news, Director Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $41.44, for a total value of $4,500,384.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the transaction, the director directly owned 551,997 shares of the company’s stock, valued at $23,360,513.04. The trade was a 18.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 353,100 shares of company stock valued at $14,974,730. 21.36% of the stock is owned by company insiders.

GitLab Trading Up 2.4%

NASDAQ GTLB opened at $45.35 on Tuesday. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 453.50 and a beta of 0.73. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The stock has a 50-day moving average of $43.96 and a 200 day moving average of $49.43.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. GitLab’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. Equities analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GTLB. Mizuho lowered their price objective on GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, June 11th. Cowen reiterated a “buy” rating on shares of GitLab in a research note on Friday, June 6th. Macquarie reiterated an “outperform” rating and set a $75.00 price target on shares of GitLab in a research note on Wednesday, June 25th. Morgan Stanley boosted their price target on GitLab from $53.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, June 11th. Finally, Zacks Research upgraded GitLab to a “strong sell” rating in a research note on Monday, August 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average price target of $62.63.

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.