Maryland State Retirement & Pension System Sells 1,065 Shares of GitLab Inc. $GTLB

Maryland State Retirement & Pension System cut its position in shares of GitLab Inc. (NASDAQ:GTLB) by 15.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC boosted its stake in GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after buying an additional 166 shares during the last quarter. Utah Retirement Systems boosted its stake in GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after buying an additional 200 shares during the last quarter. Mariner LLC boosted its stake in GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company’s stock valued at $709,000 after buying an additional 214 shares during the last quarter. True Wealth Design LLC raised its position in GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock valued at $73,000 after purchasing an additional 216 shares during the period. Finally, Graham Capital Management L.P. raised its position in GitLab by 0.8% during the fourth quarter. Graham Capital Management L.P. now owns 30,806 shares of the company’s stock valued at $1,736,000 after purchasing an additional 242 shares during the period. 95.04% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Friday, July 18th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director directly owned 107,139 shares in the company, valued at approximately $4,821,255. This trade represents a 2.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction on Wednesday, June 25th. The shares were 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 owned 551,997 shares in the company, valued at $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 353,100 shares of company stock worth $14,974,730. 21.36% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company decreased their price objective on GitLab from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 11th. Mizuho decreased their price objective on GitLab from $72.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 11th. Scotiabank decreased their price objective on GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a research report on Friday, June 6th. UBS Group decreased their price objective on GitLab from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, June 11th. Finally, Cantor Fitzgerald decreased their price objective on GitLab from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.63.

GitLab Stock Up 2.4%

GTLB opened at $45.35 on Tuesday. The stock’s fifty day moving average is $43.96 and its two-hundred day moving average is $49.43. The company has a market capitalization of $7.49 billion, a P/E ratio of 453.50 and a beta of 0.73. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The business had revenue of $214.51 million for the quarter, compared to analysts’ expectations of $213.21 million. During the same quarter last year, the firm earned $0.03 EPS. The business’s revenue for the quarter was up 26.8% on a year-over-year basis. Equities analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

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.