Arizona State Retirement System Has $961,000 Holdings in GitLab Inc. (NASDAQ:GTLB)

Arizona State Retirement System boosted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 11.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,797 shares of the company’s stock after acquiring an additional 1,945 shares during the quarter. Arizona State Retirement System’s holdings in GitLab were worth $961,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GTLB. 1832 Asset Management L.P. boosted its position in GitLab by 152.1% during the 4th quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock worth $179,588,000 after acquiring an additional 2,384,500 shares during the period. Vanguard Group Inc. boosted its position in GitLab by 73.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock worth $238,132,000 after acquiring an additional 1,973,796 shares during the period. Goldman Sachs Group Inc. boosted its position in GitLab by 7,180.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock worth $102,298,000 after acquiring an additional 1,898,622 shares during the period. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter worth about $71,823,000. Finally, Scge Management L.P. purchased a new stake in shares of GitLab during the 1st quarter worth about $29,884,000. 54.15% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Up 3.4 %

GTLB opened at $43.28 on Wednesday. The firm has a market capitalization of $6.70 billion, a P/E ratio of -34.08 and a beta of 0.18. The stock’s 50 day moving average price is $46.47 and its two-hundred day moving average price is $43.66. GitLab Inc. has a 12-month low of $26.24 and a 12-month high of $58.70.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.04. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The company had revenue of $139.58 million for the quarter, compared to analyst estimates of $129.81 million. During the same quarter last year, the firm earned ($0.40) EPS. GitLab’s revenue for the quarter was up 38.1% compared to the same quarter last year. As a group, analysts anticipate that GitLab Inc. will post -1.13 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on GTLB. Royal Bank of Canada raised their price target on GitLab from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 6th. Canaccord Genuity Group began coverage on GitLab in a research note on Tuesday, September 12th. They set a “buy” rating and a $62.00 price target for the company. William Blair reaffirmed an “outperform” rating on shares of GitLab in a research note on Wednesday, September 6th. Scotiabank raised their price target on GitLab from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 6th. Finally, UBS Group raised their price objective on GitLab from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $59.41.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total transaction of $528,200.00. Following the sale, the chief financial officer now owns 486,849 shares of the company’s stock, valued at approximately $25,715,364.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total value of $528,200.00. Following the sale, the chief financial officer now owns 486,849 shares of the company’s stock, valued at approximately $25,715,364.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Susan L. Bostrom sold 15,000 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $53.00, for a total value of $795,000.00. Following the completion of the sale, the director now directly owns 290,869 shares in the company, valued at approximately $15,416,057. The disclosure for this sale can be found here. In the last quarter, insiders have sold 542,323 shares of company stock valued at $26,384,985. 28.04% of the stock is owned by corporate insiders.

GitLab Company 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.