California Public Employees Retirement System Reduces Holdings in GitLab Inc. (NASDAQ:GTLB)

California Public Employees Retirement System cut its position in GitLab Inc. (NASDAQ:GTLB) by 27.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 138,748 shares of the company’s stock after selling 53,502 shares during the quarter. California Public Employees Retirement System’s holdings in GitLab were worth $7,818,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC lifted its holdings in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares in the last quarter. IMG Wealth Management Inc. purchased a new stake in shares of GitLab during the fourth quarter worth about $46,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab in the fourth quarter worth about $66,000. Smartleaf Asset Management LLC boosted its holdings in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in GitLab by 4,273.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after purchasing an additional 1,282 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GTLB. JPMorgan Chase & Co. cut their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. DA Davidson reduced their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Macquarie reissued an “outperform” rating and set a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Truist Financial cut their target price on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.09.

GitLab Price Performance

Shares of GTLB stock opened at $42.80 on Tuesday. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of -133.75 and a beta of 0.79. The business has a 50 day simple moving average of $59.38 and a 200 day simple moving average of $58.88.

Insiders Place Their Bets

In related news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,886 shares of company stock worth $17,736,229. 21.36% of the stock is owned by company insiders.

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.