Sumitomo Mitsui Trust Group Inc. Grows Position in GitLab Inc. (NASDAQ:GTLB)

Sumitomo Mitsui Trust Group Inc. increased its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 161.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,326,067 shares of the company's stock after acquiring an additional 818,354 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.82% of GitLab worth $62,325,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC grew its stake in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after buying an additional 490 shares during the last quarter. IMG Wealth Management Inc. bought a new position in shares of GitLab in the 4th quarter worth $46,000. Finally, Smartleaf Asset Management LLC raised its position in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GTLB shares. Macquarie reiterated an "outperform" rating and issued a $75.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. Morgan Stanley increased their price target on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Royal Bank Of Canada restated an "outperform" rating and issued a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. Truist Financial reiterated a "buy" rating and set a $75.00 target price (down from $80.00) on shares of GitLab in a report 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 report on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $63.59.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director owned 110,389 shares in the company, valued at approximately $4,967,505. This represents a 2.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the transaction, the chief financial officer owned 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock valued at $23,238,267 in the last ninety days. Corporate insiders own 16.37% of the company's stock.

GitLab Price Performance

Shares of NASDAQ GTLB traded down $0.37 during midday trading on Wednesday, hitting $45.14. 2,878,340 shares of the stock traded hands, compared to its average volume of 2,819,000. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The firm has a 50-day moving average of $46.45 and a two-hundred day moving average of $53.62.

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

GitLab Profile

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.