Sumitomo Mitsui Trust Group Inc. Has $28.61 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Sumitomo Mitsui Trust Group Inc. grew its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 70.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 507,713 shares of the company's stock after purchasing an additional 210,081 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.31% of GitLab worth $28,610,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Sanctuary Advisors LLC purchased a new stake in shares of GitLab during the 2nd quarter valued at approximately $199,000. SG Americas Securities LLC purchased a new stake in shares of GitLab during the 3rd quarter valued at approximately $119,000. Creative Planning purchased a new stake in shares of GitLab during the 3rd quarter valued at approximately $208,000. Washington Capital Management Inc. raised its position in shares of GitLab by 58.5% during the 3rd quarter. Washington Capital Management Inc. now owns 12,676 shares of the company's stock valued at $653,000 after buying an additional 4,676 shares during the period. Finally, Renaissance Capital LLC raised its position in shares of GitLab by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 127,788 shares of the company's stock valued at $6,586,000 after buying an additional 21,337 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now directly owns 129,223 shares of the company's stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 825,033 shares of company stock valued at $49,766,908 over the last ninety days. Insiders own 21.36% of the company's stock.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded down $2.73 during trading on Friday, reaching $67.83. The company had a trading volume of 3,041,041 shares, compared to its average volume of 2,988,038. The firm's fifty day moving average is $63.47 and its 200 day moving average is $57.11. The firm has a market capitalization of $11.01 billion, a PE ratio of -211.97 and a beta of 0.63. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $76.58.

Analysts Set New Price Targets

GTLB has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Macquarie reissued an "outperform" rating and issued a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Mizuho boosted their target price on GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, December 9th. TD Cowen boosted their target price on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, November 21st. Finally, Barclays boosted their price target on shares of GitLab from $55.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Monday, December 9th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and a consensus target price of $76.42.

About GitLab

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.