Canada Pension Plan Investment Board Increases Position in GitLab Inc. (NASDAQ:GTLB)

Canada Pension Plan Investment Board boosted its stake in shares of GitLab Inc. (NASDAQ:GTLBFree Report) by 70.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,100 shares of the company’s stock after buying an additional 95,800 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.15% of GitLab worth $10,450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP bought a new stake in GitLab during the 2nd quarter valued at about $30,000. Ossiam bought a new stake in GitLab during the 1st quarter valued at about $27,000. Lazard Asset Management LLC bought a new stake in GitLab during the 1st quarter valued at about $47,000. Coppell Advisory Solutions LLC bought a new stake in GitLab during the 2nd quarter valued at about $43,000. Finally, Impact Partnership Wealth LLC bought a new stake in shares of GitLab in the 3rd quarter valued at about $41,000. Institutional investors own 54.15% of the company’s stock.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $72.80 on Tuesday. GitLab Inc. has a 12 month low of $26.24 and a 12 month high of $78.53. The company has a 50 day simple moving average of $65.29 and a two-hundred day simple moving average of $53.00.

GitLab (NASDAQ:GTLBGet Free Report) last announced its quarterly earnings data on Monday, December 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.10. GitLab had a negative net margin of 79.11% and a negative return on equity of 19.66%. The business had revenue of $149.67 million during the quarter, compared to analysts’ expectations of $141.54 million. During the same period in the previous year, the business posted ($0.33) EPS. The business’s quarterly revenue was up 32.5% compared to the same quarter last year. Equities research analysts forecast that GitLab Inc. will post -0.89 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Mark Porter sold 625 shares of GitLab stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $62.41, for a total transaction of $39,006.25. Following the completion of the sale, the director now directly owns 9,656 shares in the company, valued at approximately $602,630.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Sytse Sijbrandij sold 159,433 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $49.12, for a total value of $7,831,348.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark Porter sold 625 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $62.41, for a total transaction of $39,006.25. Following the completion of the transaction, the director now owns 9,656 shares of the company’s stock, valued at $602,630.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,183,132 shares of company stock worth $135,215,865. Company insiders own 28.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GTLB shares. BTIG Research started coverage on shares of GitLab in a report on Monday, November 13th. They issued a “buy” rating and a $56.00 price target for the company. KeyCorp reduced their price target on shares of GitLab from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Monday, October 23rd. TD Cowen boosted their price target on shares of GitLab from $63.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, December 5th. Truist Financial boosted their price target on shares of GitLab from $70.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, January 16th. Finally, Mizuho raised shares of GitLab from a “neutral” rating to a “buy” rating and set a $73.00 price objective on the stock in a research report on Monday, January 8th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $64.68.

Read Our Latest Report on GitLab

GitLab Profile

(Free Report)

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.

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Institutional Ownership by Quarter for GitLab (NASDAQ:GTLB)

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