47,237 GitLab Inc. $GTLB Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 9.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 446,232 shares of the company’s stock after selling 47,237 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in GitLab were worth $21,084,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Tsfg LLC bought a new position in shares of GitLab in the 2nd quarter valued at about $31,000. Fifth Third Bancorp grew its position in GitLab by 220.6% in the first quarter. Fifth Third Bancorp now owns 1,603 shares of the company’s stock worth $35,000 after acquiring an additional 1,103 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in GitLab in the third quarter worth about $35,000. Versant Capital Management Inc increased its stake in GitLab by 300.6% during the second quarter. Versant Capital Management Inc now owns 1,867 shares of the company’s stock worth $57,000 after acquiring an additional 1,401 shares during the last quarter. Finally, Summit Securities Group LLC increased its stake in GitLab by 409.9% during the first quarter. Summit Securities Group LLC now owns 3,000 shares of the company’s stock worth $65,000 after acquiring an additional 3,968 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other GitLab news, CTO Sivaprasad Padisetty sold 51,915 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the completion of the transaction, the chief technology officer owned 377,211 shares in the company, valued at $17,268,719.58. The trade was a 12.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sytse Sijbrandij sold 116,200 shares of the business’s stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $53.27, for a total value of $6,189,974.00. Following the transaction, the director owned 12,669,651 shares of the company’s stock, valued at $674,912,308.77. This trade represents a 0.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 2,284,315 shares of company stock valued at $109,656,918. 10.64% of the stock is owned by insiders.

GitLab Stock Down 6.5%

GTLB stock opened at $48.99 on Friday. GitLab Inc. has a 12 month low of $18.73 and a 12 month high of $58.01. The company has a 50-day moving average price of $50.87 and a 200 day moving average price of $34.50.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.18 by $0.06. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The company had revenue of $286.25 million for the quarter, compared to the consensus estimate of $273.13 million. During the same period in the prior year, the firm posted $0.24 EPS. The firm’s revenue was up 21.3% compared to the same quarter last year. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. As a group, research analysts forecast that GitLab Inc. will post -0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of recent research reports. Wells Fargo & Company upped their price objective on GitLab from $40.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 2nd. Mizuho lifted their target price on GitLab from $34.00 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, September 2nd. Cantor Fitzgerald lifted their target price on GitLab from $35.00 to $50.00 and gave the stock a “neutral” rating in a report on Monday, August 31st. Morgan Stanley boosted their target price on GitLab from $30.00 to $57.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 2nd. Finally, DA Davidson increased their price target on GitLab from $45.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.33.

GitLab Company Profile

GitLab Inc develops an integrated DevSecOps platform that helps organizations plan, create, secure, deploy and monitor software. Its platform brings source code management, project planning, continuous integration and continuous delivery, application security, compliance, and observability capabilities into a single application.

GitLab’s products are designed to support software development teams throughout the application lifecycle. Key offerings include repositories and collaboration tools, automated testing and deployment, vulnerability management, security testing, infrastructure and portfolio management, and artificial intelligence features intended to assist developers and other technology professionals.

Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, GitLab operates as an all-remote company and serves organizations globally across a range of industries and sizes.