Sumitomo Mitsui Trust Group Inc. Has $15.34 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 6,821.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 297,632 shares of the company’s stock after purchasing an additional 293,332 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in GitLab were worth $15,340,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GTLB. Allspring Global Investments Holdings LLC lifted its holdings in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter valued at $52,000. Quarry LP lifted its holdings in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of GitLab during the third quarter worth $96,000. Finally, Canton Hathaway LLC lifted its holdings in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Trading Down 2.1 %

NASDAQ:GTLB opened at $59.87 on Monday. The company has a market capitalization of $9.61 billion, a P/E ratio of -25.59 and a beta of 0.45. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The business’s 50-day moving average is $54.50 and its 200 day moving average is $51.25.

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

Insiders Place Their Bets

In related news, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the transaction, the insider now owns 136,076 shares in the company, valued at $7,484,180. The trade was a 2.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,007 shares of company stock worth $5,320,233 over the last 90 days. Company insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GTLB. Baird R W upgraded GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley started coverage on GitLab in a report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Needham & Company LLC raised GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Monday, October 21st. DA Davidson reissued a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. Finally, BTIG Research boosted their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $66.38.

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.