Healthcare of Ontario Pension Plan Trust Fund Buys New Stake in GitLab Inc. (NASDAQ:GTLB)

Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 84,438 shares of the company’s stock, valued at approximately $4,924,000. Healthcare of Ontario Pension Plan Trust Fund owned about 0.05% of GitLab at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Byrne Asset Management LLC acquired a new position in shares of GitLab in the 1st quarter valued at $33,000. Allspring Global Investments Holdings LLC lifted its position in 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 acquiring an additional 548 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in GitLab in the first quarter valued at $58,000. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the first quarter worth about $58,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of GitLab during the fourth quarter worth about $71,000. 91.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Cantor Fitzgerald decreased their target price on GitLab from $70.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. JPMorgan Chase & Co. dropped their target price on GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. Raymond James raised GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a report on Friday, April 12th. Mizuho dropped their price objective on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 target price on shares of GitLab in a report on Thursday, July 18th. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.30.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the transaction, the chief financial officer now directly owns 305,175 shares in the company, valued at approximately $13,293,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the sale, the chief financial officer now owns 305,175 shares of the company’s stock, valued at $13,293,423. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 4,430 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $249,187.50. Following the completion of the transaction, the director now owns 150,983 shares of the company’s stock, valued at $8,492,793.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 116,943 shares of company stock worth $5,699,980. 21.36% of the stock is owned by insiders.

GitLab Stock Up 2.8 %

GTLB opened at $53.44 on Friday. The business’s fifty day simple moving average is $49.88 and its 200 day simple moving average is $57.80. GitLab Inc. has a 52 week low of $40.19 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. The company had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. On average, equities analysts expect that GitLab Inc. will post -0.5 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.