Mitsubishi UFJ Asset Management Co. Ltd. Lowers Stake in GitLab Inc. (NASDAQ:GTLB)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 23.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,104 shares of the company's stock after selling 19,500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in GitLab were worth $3,013,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. OneDigital Investment Advisors LLC raised its holdings in shares of GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after acquiring an additional 166 shares in the last quarter. Utah Retirement Systems increased its position in GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after purchasing an additional 200 shares during the period. Mariner LLC raised its holdings in GitLab by 1.7% in the 4th quarter. Mariner LLC now owns 12,583 shares of the company's stock worth $709,000 after purchasing an additional 214 shares in the last quarter. True Wealth Design LLC raised its holdings in GitLab by 20.0% in the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock worth $73,000 after purchasing an additional 216 shares in the last quarter. Finally, Graham Capital Management L.P. raised its holdings in GitLab by 0.8% in the 4th quarter. Graham Capital Management L.P. now owns 30,806 shares of the company's stock worth $1,736,000 after purchasing an additional 242 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Insiders Place Their Bets

In related news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director directly owned 107,139 shares in the company, valued at approximately $4,821,255. The trade was a 2.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 353,100 shares of company stock valued at $14,974,730. Company insiders own 16.37% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Capital One Financial cut shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price target on the stock. in a research report on Wednesday, July 16th. Needham & Company LLC cut their price objective on GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Raymond James Financial reduced their target price on GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Truist Financial restated a "buy" rating and issued a $75.00 target price (down previously from $80.00) on shares of GitLab in a research note on Wednesday, June 11th. Finally, Mizuho reduced their price target on GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $62.63.

GitLab Stock Performance

Shares of GTLB stock traded up $3.33 during mid-day trading on Friday, hitting $44.28. The company's stock had a trading volume of 5,406,700 shares, compared to its average volume of 3,796,829. The stock has a market cap of $7.32 billion, a price-to-earnings ratio of 442.80 and a beta of 0.73. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The business has a 50-day moving average price of $44.03 and a 200 day moving average price of $49.90.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same quarter in the prior year, the business earned $0.03 EPS. The business's revenue for the quarter was up 26.8% compared to the same quarter last year. Equities research analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal year.

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.