Teacher Retirement System of Texas Trims Stake in GitLab Inc. (NASDAQ:GTLB)

Teacher Retirement System of Texas lowered its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,961 shares of the company's stock after selling 6,613 shares during the period. Teacher Retirement System of Texas' holdings in GitLab were worth $1,032,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of GTLB. Vanguard Group Inc. increased its holdings in GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after purchasing an additional 885,955 shares during the period. Norges Bank purchased a new position in GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership increased its holdings in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the period. Franklin Resources Inc. increased its holdings in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after purchasing an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after purchasing an additional 1,583,221 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analyst Ratings Changes

GTLB has been the topic of a number of research analyst reports. Capital One Financial downgraded GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price target on the stock. in a report on Wednesday. Truist Financial restated a "buy" rating and set a $75.00 price target (down previously from $80.00) on shares of GitLab in a report on Wednesday, June 11th. Morgan Stanley boosted their price target on GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Cantor Fitzgerald reduced their price target on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Finally, Mizuho reduced their target price on GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Five research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $62.63.

GitLab Trading Up 3.2%

GTLB stock traded up $1.35 during midday trading on Thursday, hitting $43.92. The company's stock had a trading volume of 3,019,617 shares, compared to its average volume of 2,862,521. The company has a market cap of $7.26 billion, a PE ratio of 439.20 and a beta of 0.74. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The firm's 50-day moving average is $46.02 and its 200-day moving average is $52.50.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The company's revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 EPS. Analysts expect that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director owned 110,389 shares in the company, valued at approximately $4,967,505. This represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer owned 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 509,950 shares of company stock worth $23,288,223 in the last three months. 16.37% of the stock is owned by insiders.

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.