Healthcare of Ontario Pension Plan Trust Fund Acquires Shares of 23,378 GitLab Inc. (NASDAQ:GTLB)

Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 23,378 shares of the company’s stock, valued at approximately $1,205,000.

Other institutional investors have also modified their holdings of the company. Glenmede Trust Co. NA grew its stake in GitLab by 3.0% in the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of GitLab by 26.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 62,877 shares of the company’s stock worth $3,241,000 after buying an additional 13,169 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock valued at $1,514,000 after buying an additional 1,417 shares during the period. Qsemble Capital Management LP raised its holdings in shares of GitLab by 41.7% in the third quarter. Qsemble Capital Management LP now owns 23,256 shares of the company’s stock valued at $1,199,000 after acquiring an additional 6,846 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in GitLab by 360.4% in the third quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock worth $3,058,000 after acquiring an additional 46,343 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GTLB has been the subject of several recent research reports. Barclays boosted their price target on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Morgan Stanley started coverage on GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target for the company. Finally, Bank of America raised their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.17.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by insiders.

GitLab Stock Down 0.1 %

GitLab stock opened at $63.75 on Monday. The stock has a 50-day moving average price of $56.60 and a 200 day moving average price of $51.92. The company has a market capitalization of $10.23 billion, a price-to-earnings ratio of -27.24 and a beta of 0.45. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.29) EPS. Research analysts anticipate that GitLab Inc. will post -0.41 EPS for the current fiscal 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.