Huntington National Bank Raises Position in GitLab Inc. (NASDAQ:GTLB)

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

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Future Fund LLC lifted its position in GitLab by 27.2% during the third quarter. Future Fund LLC now owns 21,682 shares of the company’s stock valued at $1,235,000 after purchasing an additional 4,637 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company’s stock valued at $18,155,000 after buying an additional 126,578 shares during the period. Rakuten Securities Inc. lifted its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after buying an additional 293,332 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in GitLab during the third quarter worth about $1,055,000. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on GTLB. Morgan Stanley initiated coverage on shares of GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. BTIG Research lifted their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Barclays increased their price target on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. UBS Group boosted their price objective on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.38.

GitLab Trading Up 0.4 %

NASDAQ:GTLB opened at $61.15 on Friday. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The stock has a fifty day moving average price of $54.26 and a 200 day moving average price of $51.16.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.29) EPS. As a group, sell-side analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares in the company, 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 three months, insiders sold 97,007 shares of company stock valued at $5,320,233. Insiders own 21.36% of the company’s stock.

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.