Sumitomo Mitsui Trust Holdings Inc. invests $214,000 in GitLab Inc. (NASDAQ:GTLB)

Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB – Free Report) in the second quarter, according to the company in its most recent SEC disclosure. The institutional investor purchased 4,300 shares of the company’s stock, valued at approximately $214,000.

Other institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in GitLab by 12.9% in the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Capital Research Global Investors boosted its stake in GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after purchasing an additional 3,096,437 shares in the last quarter. Norges Bank bought a new position in GitLab in the 4th quarter valued at about $222,591,000. 1832 Asset Management LP bought a new position in GitLab in the 4th quarter valued at about $76,918,000. Finally, Fiera Capital Corp raised its stake in GitLab by 0.5% in the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock valued at $75,540,000 after purchasing an additional 5,446 shares in the last quarter. Institutional investors own 91.72% of the company’s shares.

GitLab stocks up 1.9%

Shares of NASDAQ GTLB opened at $46.98 on Friday. The firm has a market cap of $7.47 billion, a PE ratio of -17.08 and a beta of 0.46. GitLab Inc. has a 12-month low of $40.19 and a 12-month high of $78.53. The company’s fifty-day simple moving average is $48.27, and its 200-day simple moving average is $54.71.

GitLab (NASDAQ:GTLB – Get Your Free Report ) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. On average, equities analysts predict that GitLab Inc. will post -0.5 earnings per share for the current year.

Insider buying and selling at GitLab

In other GitLab news, insider Robin Schulman sold 2,402 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the transaction, the insider now directly owns 142,933 shares of the company’s stock, valued at $8,039,981.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via this link. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. Also, insider Robin Schulman sold 2,402 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $135,112.50. Following the transaction, the insider now directly owns 142,933 shares in the company, valued at $8,039,981.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,275 shares of company stock worth $6,848,847. Corporate insiders own 21.36% of the company’s shares.

Analyst upgrades and downgrades

Several equities analysts recently commented on the stock. BTIG Research dropped their price objective on shares of GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Mizuho cut their price target on shares of GitLab from $70.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. KeyCorp cut their price target on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of GitLab in a research report on Monday, August 19th. Finally, Barclays cut their price target on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. GitLab presently has an average rating of “Moderate Buy” and an average price target of $67.30, according to MarketBeat.

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About GitLab

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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe and Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and enables visibility and control over the various stages of the DevOps lifecycle.

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