Sumitomo Mitsui Trust Group Inc. Buys 210,081 Shares of GitLab Inc. (NASDAQ:GTLB)

Sumitomo Mitsui Trust Group Inc. lifted its position in GitLab Inc. (NASDAQ:GTLB) by 70.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. True Wealth Design LLC bought a new stake in GitLab in the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. bought a new stake in GitLab in the fourth quarter worth $66,000. Rakuten Securities Inc. raised its stake in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Capital Performance Advisors LLP bought a new position in GitLab during the third quarter valued at $96,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of GitLab in the 3rd quarter worth $98,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $68.50 on Wednesday. The business has a fifty day moving average price of $63.21 and a 200 day moving average price of $56.66. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $76.69. The stock has a market capitalization of $11.12 billion, a P/E ratio of -214.06 and a beta of 0.63.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares in the company, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 828,283 shares of company stock worth $49,959,990. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several recent research reports. Wells Fargo & Company upped their target price on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Cantor Fitzgerald increased their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Mizuho boosted their price objective on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. The Goldman Sachs Group raised their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.42.

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.