Teacher Retirement System of Texas Invests $1.61 Million in GitLab Inc. (NASDAQ:GTLB)

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

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. IMG Wealth Management Inc. acquired a new stake in GitLab in the fourth quarter valued at $46,000. True Wealth Design LLC acquired a new stake in GitLab in the third quarter valued at $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the fourth quarter valued at $66,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 349,216 shares of company stock worth $19,841,492 over the last quarter. 21.36% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on GTLB shares. The Goldman Sachs Group lifted their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Mizuho reduced their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. Finally, Canaccord Genuity Group lifted their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.52.

GitLab Trading Down 2.4 %

Shares of GitLab stock opened at $50.18 on Friday. GitLab Inc. has a twelve month low of $40.72 and a twelve month 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 has a fifty day moving average price of $61.99 and a 200 day moving average price of $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.