M&T Bank Corp Sells 370 Shares of GitLab Inc. (NASDAQ:GTLB)

M&T Bank Corp reduced its position in shares of GitLab Inc. (NASDAQ:GTLB) by 7.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,595 shares of the company’s stock after selling 370 shares during the period. M&T Bank Corp’s holdings in GitLab were worth $216,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the period. Cloud Capital Management LLC bought a new stake in GitLab in the first quarter worth about $29,000. CoreCap Advisors LLC raised its position in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares during the period. GAMMA Investing LLC raised its position in GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after acquiring an additional 490 shares during the period. Finally, True Wealth Design LLC raised its position in GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock worth $73,000 after acquiring an additional 216 shares during the period. 95.04% of the stock is owned by institutional investors.

Insider Buying and Selling at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director directly owned 110,389 shares in the company, valued at approximately $4,967,505. The trade was a 2.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer owned 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 509,950 shares of company stock valued at $23,288,223. Insiders own 16.37% of the company’s stock.

GitLab Price Performance

GTLB stock opened at $45.37 on Friday. The stock has a market cap of $7.50 billion, a PE ratio of 453.70 and a beta of 0.74. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The firm has a 50 day simple moving average of $45.94 and a two-hundred day simple moving average of $52.42.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 EPS. On average, research analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald reduced their target price on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, June 11th. Canaccord Genuity Group reduced their target price on shares of GitLab from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, June 12th. BTIG Research reduced their target price on shares of GitLab from $86.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, June 11th. Rosenblatt Securities assumed coverage on shares of GitLab in a research note on Tuesday. They issued a “buy” rating and a $58.00 target price for the company. Finally, Barclays reduced their target price on shares of GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 11th. Five research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.63.

GitLab 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.