California State Teachers Retirement System Increases Position in GitLab Inc. (NASDAQ:GTLB)

California State Teachers Retirement System lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 26.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 57,096 shares of the company’s stock after buying an additional 11,905 shares during the quarter. California State Teachers Retirement System’s holdings in GitLab were worth $1,958,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GTLB. Sands Capital Ventures LLC purchased a new stake in GitLab in the fourth quarter worth $30,000. Canton Hathaway LLC purchased a new position in GitLab in the 1st quarter worth about $27,000. OLD Mission Capital LLC bought a new stake in GitLab during the 4th quarter valued at about $37,000. Lazard Asset Management LLC purchased a new stake in GitLab in the 1st quarter valued at about $47,000. Finally, CWM LLC bought a new position in GitLab in the 1st quarter worth about $46,000. 54.15% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of research reports. Royal Bank of Canada boosted their price target on GitLab from $56.00 to $60.00 in a report on Friday, June 23rd. Barclays upped their target price on GitLab from $45.00 to $50.00 in a report on Wednesday, June 7th. Truist Financial lifted their price objective on GitLab from $50.00 to $60.00 in a report on Tuesday, June 6th. Mizuho increased their target price on shares of GitLab from $38.00 to $45.00 in a report on Tuesday, June 6th. Finally, Piper Sandler raised their target price on shares of GitLab from $50.00 to $52.00 in a research report on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.88.

Insider Buying and Selling at GitLab

In other news, CRO Michael Eugene Mcbride sold 3,900 shares of GitLab stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $36.24, for a total transaction of $141,336.00. Following the completion of the sale, the executive now directly owns 843,798 shares in the company, valued at $30,579,239.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $53.06, for a total transaction of $12,203,800.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Michael Eugene Mcbride sold 3,900 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $36.24, for a total value of $141,336.00. Following the completion of the transaction, the executive now directly owns 843,798 shares in the company, valued at $30,579,239.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 294,480 shares of company stock worth $15,320,459. 28.04% of the stock is owned by corporate insiders.

GitLab Price Performance

GitLab stock opened at $45.07 on Tuesday. GitLab Inc. has a 1-year low of $26.24 and a 1-year high of $64.80. The business has a fifty day moving average price of $48.24 and a 200-day moving average price of $41.53. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of -33.63 and a beta of 0.17.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Monday, June 5th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. GitLab had a negative return on equity of 22.82% and a negative net margin of 42.84%. The business had revenue of $126.90 million during the quarter, compared to the consensus estimate of $117.84 million. During the same quarter last year, the company earned ($0.30) earnings per share. The company’s quarterly revenue was up 45.2% on a year-over-year basis. On average, equities research analysts anticipate that GitLab Inc. will post -1.03 earnings per share 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.