Public Employees Retirement System of Ohio Increases Position in GitLab Inc. $GTLB

Key Points

• The Public Employees Retirement System of Ohio increased its holdings in GitLab by 27.4%, owning 124,803 shares valued at approximately $5.63 million at the end of the second quarter.
• Several institutional investors have also enhanced their positions in GitLab, with 95.04% of the stock currently owned by institutional investors and hedge funds.
• Equities research analysts maintain a generally positive outlook on GitLab, with one Strong Buy rating, twenty Buy ratings, and a current average target price of $58.88.

Public Employees Retirement System of Ohio boosted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 27.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 124,803 shares of the company's stock after acquiring an additional 26,868 shares during the period. Public Employees Retirement System of Ohio owned about 0.08% of GitLab worth $5,630,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Tran Capital Management L.P. boosted its holdings in shares of GitLab by 28.3% during the second quarter. Tran Capital Management L.P. now owns 406,252 shares of the company's stock worth $18,326,000 after purchasing an additional 89,717 shares during the last quarter. Park Avenue Securities LLC boosted its stake in GitLab by 23.9% in the 2nd quarter. Park Avenue Securities LLC now owns 9,417 shares of the company's stock worth $425,000 after buying an additional 1,816 shares during the last quarter. UMB Bank n.a. boosted its stake in GitLab by 63,966.7% in the 2nd quarter. UMB Bank n.a. now owns 1,922 shares of the company's stock worth $87,000 after buying an additional 1,919 shares during the last quarter. Diversified Trust Co grew its holdings in GitLab by 373.2% in the 2nd quarter. Diversified Trust Co now owns 34,817 shares of the company's stock valued at $1,571,000 after buying an additional 27,459 shares during the period. Finally, Kingstone Capital Partners Texas LLC acquired a new position in shares of GitLab during the 2nd quarter valued at about $21,803,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Piper Sandler decreased their target price on shares of GitLab from $85.00 to $70.00 and set an "overweight" rating on the stock in a research report on Thursday, September 4th. UBS Group cut their price target on shares of GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, September 4th. Needham & Company LLC reissued a "buy" rating and set a $55.00 price objective on shares of GitLab in a research note on Thursday, September 4th. Morgan Stanley increased their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Cowen reiterated a "buy" rating on shares of GitLab in a report on Friday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and an average target price of $58.88.

GitLab Trading Up 1.6%

NASDAQ:GTLB opened at $47.47 on Monday. The firm's fifty day simple moving average is $46.05 and its 200 day simple moving average is $46.12. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of -1,186.75 and a beta of 0.74.

Insider Transactions at GitLab

In other news, Director Matthew Jacobson sold 63,587 shares of the stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total value of $3,189,523.92. Following the completion of the sale, the director owned 820 shares in the company, valued at approximately $41,131.20. This trade represents a 98.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $50.08, for a total value of $162,760.00. Following the sale, the director owned 100,639 shares in the company, valued at approximately $5,040,001.12. The trade was a 3.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,219,171 shares of company stock valued at $59,495,444 over the last quarter. Company insiders own 21.36% of the company's stock.

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.

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