Heat a large pot of salted water on the stove in preparation for the gnocchi. Bring to a boil.
Add extra virgin olive oil to a large pan or non-stick skillet and heat on medium until it is shimmering. Then add the shallot and cook for 5 minutes, stirring regularly.
Add in the garlic and cook for 2 minutes. Then reduce the flame and add the butter. Deglaze the pan by scraping the brown bits as the butter melts. Cook on a low flame until all the butter has melted. Whisk gently with the whisk the whole time to ensure it doesn't burn.
Once completely melted the butter will foam and it will form brown bits. It might be hard to see since we deglazed the pan but the butter itself will also take on a deeper yellow hue or turn a light brown. Once you see that, add the heavy cream and whisk well. Simmer it altogether for 2 minutes.
Add the pumpkin and mix to incorporate it. Then add the broth, sea salt and pepper and mix again. The mix will be slightly clumpy but that is okay. Simmer for 3 minutes over medium heat.
Turn the heat to low and add in the cream cheese. Mix to incorporate it as it melts. Add in the thyme and sage and let it simmer for 5 minutes.
Add the gnocchi to the boiling water and cook for 2 minutes or per package directions. Remove the gnocchi as soon as it starts to float. I like to use a slotted spoon.
Mix in the pasta water to the sauce and incorporate well. Simmer for about 2 more minutes. Then remove it from the heat and add the gnocchi.
Serve with additional salt and pepper to taste, pancetta, crispy sage and thyme.