Sumitomo Mitsui Trust Group Inc. Has $92.31 Million Stake in GitLab Inc. $GTLB

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in GitLab by 54.3% during Q2, owning 2,046,428 shares valued at approximately $92.31 million.
• A significant portion, 95.04%, of GitLab's stock is now held by institutional investors and hedge funds, indicating strong institutional support for the company.
• GitLab reported (0.03) EPS for the most recent quarter, falling short of estimates, but recorded a notable revenue growth of 29.2% year-over-year with revenues of $236 million.

Sumitomo Mitsui Trust Group Inc. raised its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 54.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,046,428 shares of the company's stock after buying an additional 720,361 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 1.24% of GitLab worth $92,314,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. MetLife Investment Management LLC increased its position in shares of GitLab by 3.2% in the first quarter. MetLife Investment Management LLC now owns 7,762 shares of the company's stock valued at $365,000 after acquiring an additional 242 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in shares of GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after purchasing an additional 334 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of GitLab by 114.2% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after purchasing an additional 490 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of GitLab by 7.2% in the 1st quarter. Amalgamated Bank now owns 8,537 shares of the company's stock valued at $401,000 after buying an additional 571 shares during the last quarter. Finally, Veracity Capital LLC grew its stake in shares of GitLab by 7.0% in the second quarter. Veracity Capital LLC now owns 8,921 shares of the company's stock valued at $402,000 after buying an additional 584 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $45.16, for a total transaction of $4,904,376.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $45.26, for a total transaction of $147,095.00. Following the transaction, the director owned 97,389 shares of the company's stock, valued at $4,407,826.14. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,224,362 shares of company stock worth $59,828,897 over the last three months. 16.37% of the stock is owned by insiders.

GitLab Stock Up 0.9%

Shares of GitLab stock opened at $48.53 on Friday. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of -1,213.25 and a beta of 0.73. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a 50-day simple moving average of $47.06 and a two-hundred day simple moving average of $45.91.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Wednesday, September 3rd. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.19). The business had revenue of $236.00 million for the quarter, compared to the consensus estimate of $227.20 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The firm's revenue for the quarter was up 29.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 earnings per share. GitLab has set its FY 2026 guidance at 0.820-0.830 EPS. Q3 2026 guidance at 0.190-0.200 EPS. On average, sell-side analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented 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 for the company. in a research note on Wednesday, July 16th. Macquarie reiterated an "outperform" rating and set a $75.00 price target on shares of GitLab in a report on Thursday, September 4th. Barclays dropped their price objective on GitLab from $47.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, September 5th. BTIG Research decreased their target price on GitLab from $67.00 to $57.00 and set a "buy" rating on the stock in a report on Thursday, September 4th. Finally, Needham & Company LLC restated a "buy" rating and issued a $55.00 price target on shares of GitLab in a research note on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.83.

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.

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