Teacher Retirement System of Texas Acquires Shares of 28,574 GitLab Inc. (NASDAQ:GTLB)

Teacher Retirement System of Texas acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 28,574 shares of the company’s stock, valued at approximately $1,610,000.

A number of other institutional investors also recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC increased its stake in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab during the 4th quarter worth $46,000. True Wealth Design LLC bought a new stake in shares of GitLab in the 3rd quarter worth about $56,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab in the 4th quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Robin Schulman sold 7,330 shares of GitLab stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total transaction of $417,663.40. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at approximately $6,945,463.14. This trade represents a 5.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 349,216 shares of company stock worth $19,841,492 over the last three months. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. DA Davidson decreased their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Robert W. Baird dropped their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Finally, Mizuho decreased their price target on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Three 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.52.

GitLab Trading Down 2.4 %

GitLab stock opened at $50.18 on Friday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18. The stock has a market cap of $8.14 billion, a price-to-earnings ratio of -156.81 and a beta of 0.67. The company’s 50-day moving average price is $61.99 and its two-hundred day moving average price is $59.20.

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.