Sumitomo Mitsui Trust Group Inc. Has $15.34 Million Position in GitLab Inc. (NASDAQ:GTLB)

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 6,821.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 297,632 shares of the company’s stock after buying an additional 293,332 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of GitLab worth $15,340,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new stake in GitLab during the third quarter worth $1,055,000. Versor Investments LP acquired a new stake in GitLab during the third quarter worth $1,752,000. Chartwell Investment Partners LLC acquired a new stake in shares of GitLab in the 3rd quarter valued at $650,000. Los Angeles Capital Management LLC acquired a new stake in shares of GitLab in the 3rd quarter valued at $30,827,000. Finally, Assetmark Inc. boosted its stake in shares of GitLab by 11.4% in the 3rd quarter. Assetmark Inc. now owns 42,103 shares of the company’s stock valued at $2,170,000 after purchasing an additional 4,312 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Insider Transactions at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,007 shares of company stock valued at $5,320,233 in the last ninety days. 21.36% of the stock is currently owned by corporate insiders.

GitLab Stock Performance

Shares of GTLB opened at $59.87 on Monday. The stock has a 50 day simple moving average of $54.50 and a 200 day simple moving average of $51.25. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The firm has a market capitalization of $9.61 billion, a PE ratio of -25.59 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period in the previous year, the firm earned ($0.29) EPS. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. Equities research analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Morgan Stanley assumed coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 target price on the stock. Wells Fargo & Company lifted their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Bank of America lifted their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Barclays lifted their price target on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.38.

About GitLab

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.