Huntington National Bank Has $3.29 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Huntington National Bank lifted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 87,204.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,732 shares of the company's stock after acquiring an additional 63,659 shares during the period. Huntington National Bank's holdings in GitLab were worth $3,285,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock worth $33,000 after acquiring an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter valued at about $52,000. Rakuten Securities Inc. lifted its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP boosted 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 purchasing an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in GitLab during the third quarter valued at approximately $96,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Needham & Company LLC upgraded shares of GitLab from a "hold" rating to a "buy" rating and set a $70.00 target price for the company in a research report on Monday, October 21st. Baird R W upgraded GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. TD Cowen lifted their price objective on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Morgan Stanley began coverage on GitLab in a research report on Wednesday, October 9th. They issued an "overweight" rating and a $70.00 target price on the stock. Finally, BTIG Research lifted their price target on GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $66.38.

Insider Activity at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares of the company's stock, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was 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 directly owns 242,803 shares of the company's stock, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 97,007 shares of company stock worth $5,320,233. 21.36% of the stock is owned by corporate insiders.

GitLab Price Performance

GTLB stock traded down $1.28 on Friday, reaching $59.87. 1,605,481 shares of the company were exchanged, compared to its average volume of 2,338,427. The firm has a market capitalization of $9.61 billion, a PE ratio of -25.12 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 stock's fifty day moving average price is $54.37 and its 200 day moving average price is $51.23.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the firm posted ($0.29) EPS. The business's revenue was up 30.8% compared to the same quarter last year. As a group, research analysts expect that GitLab Inc. will post -0.41 EPS for the current fiscal 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.