TIAA Trust National Association Takes Position in GitLab Inc. (NASDAQ:GTLB)

Key Points

• TIAA Trust National Association acquired 14,039 shares of GitLab Inc. for approximately $660,000 in the first quarter, adding to institutional ownership which now constitutes 95.04% of GitLab's stock.
• Insider trading activity included Matthew Jacobson and Karen Blasing selling significant amounts of stock, with Jacobson selling 129,400 shares valued at over $5.4 million.
• Recent analyst ratings have seen price objectives for GitLab lowered, with consensus rating moving to a Moderate Buy and an average price target of $62.63.

TIAA Trust National Association purchased a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 14,039 shares of the company's stock, valued at approximately $660,000.

Other large investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. ARK Investment Management LLC grew its holdings in GitLab by 109.1% in the 1st quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock worth $114,038,000 after acquiring an additional 1,265,830 shares during the last quarter. Marshall Wace LLP increased its holdings in GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock valued at $61,654,000 after purchasing an additional 931,396 shares during the period. Nikko Asset Management Americas Inc. increased its stake in shares of GitLab by 175.1% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,396,613 shares of the company's stock valued at $65,529,000 after buying an additional 888,900 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in GitLab by 161.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,326,067 shares of the company's stock valued at $62,325,000 after purchasing an additional 818,354 shares during the period. 95.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Cantor Fitzgerald reduced their price objective on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Royal Bank Of Canada restated an "outperform" rating and issued a $62.00 price target on shares of GitLab in a research note on Wednesday, June 25th. Rosenblatt Securities assumed coverage on shares of GitLab in a report on Tuesday, July 15th. They set a "buy" rating and a $58.00 price objective for the company. Finally, Capital One Financial downgraded GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price on the stock. in a report on Wednesday, July 16th. Five analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $62.63.

GitLab Trading Down 4.9%

Shares of GitLab stock traded down $2.16 during trading on Thursday, hitting $41.60. 4,921,353 shares of the stock traded hands, compared to its average volume of 3,433,279. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The stock's fifty day simple moving average is $44.91 and its 200 day simple moving average is $51.13. The firm has a market cap of $6.87 billion, a P/E ratio of 416.00 and a beta of 0.73.

GitLab (NASDAQ:GTLB - Get Free Report) last announced 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. The business had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The business's revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. As a group, equities analysts expect that GitLab Inc. will post -0.31 EPS for the current year.

Insider Activity

In related news, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the completion of the sale, the director owned 551,997 shares of the company's stock, valued at $23,360,513.04. The trade was a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction 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 $4,821,255. This trade represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 509,950 shares of company stock worth $23,288,223. 16.37% of the stock is currently owned by insiders.

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.