Principal Financial Group Inc. Grows Stock Position in GitLab Inc. (NASDAQ:GTLB)

Principal Financial Group Inc. lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 14.6% during the second quarter, Holdings Channel reports. The institutional investor owned 10,324 shares of the company’s stock after purchasing an additional 1,314 shares during the quarter. Principal Financial Group Inc.’s holdings in GitLab were worth $513,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC grew its stake in GitLab by 5.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock valued at $346,000 after acquiring an additional 276 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in GitLab by 9.6% in the first quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after acquiring an additional 311 shares during the last quarter. Treasurer of the State of North Carolina increased its position in GitLab by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock worth $2,449,000 after purchasing an additional 380 shares in the last quarter. Canton Hathaway LLC lifted its holdings in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after acquiring an additional 435 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Trading Up 0.6 %

NASDAQ:GTLB opened at $54.49 on Friday. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53. The firm’s 50 day moving average is $49.29 and its 200 day moving average is $52.48. The stock has a market capitalization of $8.66 billion, a PE ratio of -19.81 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the previous year, the firm earned ($0.29) EPS. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. Research analysts predict that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the sale, the director now owns 7,040 shares in the company, valued at approximately $311,731.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 133,609 shares of company stock worth $6,704,823. 21.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

GTLB has been the topic of a number of research analyst reports. Mizuho reduced their price objective on shares of GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. KeyCorp cut their target price on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. DA Davidson reaffirmed a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Thursday, August 29th. Needham & Company LLC reissued a “hold” rating on shares of GitLab in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada increased their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $66.05.

GitLab Company 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.