Sumitomo Mitsui Trust Group Inc. Purchases 293,332 Shares of GitLab Inc. (NASDAQ:GTLB)

Sumitomo Mitsui Trust Group Inc. grew its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 6,821.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 297,632 shares of the company's stock after purchasing an additional 293,332 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of GitLab worth $15,340,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in GTLB. Capital Research Global Investors increased its holdings in shares of GitLab by 78.5% in the 1st 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 during the period. DNB Asset Management AS bought a new position in GitLab during the second quarter valued at approximately $37,851,000. Renaissance Technologies LLC raised its position in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company's stock valued at $59,196,000 after acquiring an additional 747,712 shares in the last quarter. Primecap Management Co. CA raised its position in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company's stock valued at $41,120,000 after acquiring an additional 603,200 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in GitLab during the third quarter valued at approximately $30,827,000. Institutional investors and hedge funds own 91.72% of the company's stock.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded up $0.09 on Monday, hitting $59.96. The stock had a trading volume of 1,314,332 shares, compared to its average volume of 2,333,834. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The firm's 50 day moving average price is $54.50 and its 200-day moving average price is $51.24. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of -25.62 and a beta of 0.45.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating 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 company earned ($0.29) EPS. The firm's revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, sell-side analysts predict that GitLab Inc. will post -0.41 EPS for the current year.

Insider Activity

In related news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares of the company's stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares of the company's stock, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,007 shares of company stock worth $5,320,233. Corporate insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GTLB. Cantor Fitzgerald raised shares of GitLab to a "strong-buy" rating in a research report on Tuesday, November 12th. Barclays lifted their price target on shares of GitLab from $50.00 to $55.00 and gave the company an "equal weight" rating in a research report on Thursday, September 5th. BTIG Research lifted their price target on shares of GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Bank of America lifted their price target on shares of GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Finally, Scotiabank lifted their price target on shares of GitLab from $59.00 to $65.00 and gave the company a "sector outperform" rating in a research report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and an average target price of $66.38.

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.