47,237 GitLab Inc. $GTLB Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its GitLab stake by 9.6%, selling 47,237 shares in the third quarter; it retained 446,232 shares valued at about $21.1 million.
• GitLab insiders sold 2.28 million shares worth about $109.7 million over the last three months. Director Sytse Sijbrandij and CTO Sivaprasad Padisetty made sales under pre-arranged Rule 10b5-1 plans.
• GitLab beat quarterly estimates, reporting EPS of $0.24 versus $0.18 expected and revenue of $286.25 million, up 21.3% year over year. Analysts’ consensus rating was Hold, with an average price target of $52.33.

Sumitomo Mitsui Trust Group Inc. lowered its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 9.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 446,232 shares of the company's stock after selling 47,237 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.27% of GitLab worth $21,084,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in GitLab in the 3rd quarter worth approximately $35,000. Vise Technologies Inc. raised its stake in GitLab by 25.6% during the 3rd quarter. Vise Technologies Inc. now owns 19,225 shares of the company's stock worth $908,000 after acquiring an additional 3,922 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in GitLab during the third quarter valued at approximately $1,186,000. North Dakota State Investment Board purchased a new position in GitLab during the third quarter valued at approximately $213,000. Finally, Apollon Wealth Management LLC lifted its holdings in GitLab by 93.7% during the third quarter. Apollon Wealth Management LLC now owns 28,252 shares of the company's stock valued at $1,335,000 after purchasing an additional 13,668 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at GitLab

In other news, Director Sytse Sijbrandij sold 980,710 shares of the business's stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $48.63, for a total value of $47,691,927.30. Following the transaction, the director owned 13,921,341 shares of the company's stock, valued at approximately $676,994,812.83. The trade was a 6.58% 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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sivaprasad Padisetty sold 51,915 shares of the company's stock in a transaction on Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the transaction, the chief technology officer owned 377,211 shares of the company's stock, valued at approximately $17,268,719.58. This represents a 12.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,284,315 shares of company stock worth $109,656,918 in the last three months. Insiders own 10.64% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price target on shares of GitLab from $40.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 2nd. TD Cowen raised their price objective on shares of GitLab from $29.00 to $42.00 and gave the company a "hold" rating in a research report on Thursday, August 27th. Weiss Ratings cut shares of GitLab from a "sell (d)" rating to a "sell (e+)" rating in a research note on Wednesday, September 2nd. Rosenblatt Securities lifted their target price on shares of GitLab from $43.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Finally, Barclays upped their target price on shares of GitLab from $25.00 to $47.00 and gave the stock an "underweight" rating in a report on Wednesday, September 2nd. Seven equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, GitLab presently has a consensus rating of "Hold" and an average price target of $52.33.

GitLab Price Performance

Shares of GTLB opened at $48.99 on Friday. The business's 50 day moving average is $50.87 and its 200 day moving average is $34.50. GitLab Inc. has a 12-month low of $18.73 and a 12-month high of $58.01.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.06. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%. The company had revenue of $286.25 million for the quarter, compared to analysts' expectations of $273.13 million. During the same period in the previous year, the firm earned $0.24 EPS. The firm's revenue was up 21.3% compared to the same quarter last year. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. As a group, sell-side analysts anticipate that GitLab Inc. will post -0.29 earnings per share for the current fiscal year.

GitLab Company Profile

GitLab Inc develops an integrated DevSecOps platform that helps organizations plan, create, secure, deploy and monitor software. Its platform brings source code management, project planning, continuous integration and continuous delivery, application security, compliance, and observability capabilities into a single application.

GitLab's products are designed to support software development teams throughout the application lifecycle. Key offerings include repositories and collaboration tools, automated testing and deployment, vulnerability management, security testing, infrastructure and portfolio management, and artificial intelligence features intended to assist developers and other technology professionals.

Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, GitLab operates as an all-remote company and serves organizations globally across a range of industries and sizes.

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