Canada Pension Plan Investment Board Has $19.40 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Canada Pension Plan Investment Board raised its position in shares of GitLab Inc. (NASDAQ:GTLB) by 22.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 390,200 shares of the company’s stock after acquiring an additional 71,400 shares during the period. Canada Pension Plan Investment Board owned approximately 0.25% of GitLab worth $19,401,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in GTLB. Allspring Global Investments Holdings LLC boosted its stake in shares of GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the period. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the first quarter valued at approximately $58,000. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab in the first quarter valued at approximately $58,000. Quarry LP boosted its stake in shares of GitLab by 75.1% in the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after buying an additional 500 shares during the period. Finally, Tucker Asset Management LLC bought a new stake in shares of GitLab in the fourth quarter valued at approximately $83,000. Institutional investors own 91.72% of the company’s stock.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 23,334 shares of GitLab stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $50.24, for a total value of $1,172,300.16. Following the completion of the transaction, the chief financial officer now directly owns 282,441 shares in the company, valued at approximately $14,189,835.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Brian G. Robins sold 23,334 shares of GitLab stock in a transaction on Monday, July 1st. The shares were sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the completion of the sale, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The disclosure for this sale can be found here. Insiders sold a total of 133,115 shares of company stock worth $6,683,620 in the last quarter. Insiders own 21.36% of the company’s stock.

GitLab Stock Down 0.6 %

GitLab stock opened at $52.05 on Monday. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53. The company’s 50 day moving average price is $49.35 and its two-hundred day moving average price is $51.64. The stock has a market cap of $8.27 billion, a P/E ratio of -18.93 and a beta of 0.44.

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

Wall Street Analyst Weigh In

GTLB has been the subject of several recent research reports. Baird R W upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. BTIG Research upped their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company upped their target price on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Scotiabank upped their target price on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. Finally, Needham & Company LLC restated a “hold” rating on shares of GitLab in a research note on Wednesday, September 4th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average price target of $66.05.

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.