Principal Financial Group Inc. Sells 1,956 Shares of GitLab Inc. (NASDAQ:GTLB)

Principal Financial Group Inc. decreased its stake in GitLab Inc. (NASDAQ:GTLB) by 19.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,298 shares of the company’s stock after selling 1,956 shares during the period. Principal Financial Group Inc.’s holdings in GitLab were worth $390,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GTLB. Raymond James Financial Inc. bought a new position in GitLab in the 4th quarter valued at approximately $3,392,000. PNC Financial Services Group Inc. increased its position in GitLab by 17.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock valued at $128,000 after acquiring an additional 328 shares during the period. HighTower Advisors LLC acquired a new position in GitLab in the 4th quarter valued at approximately $289,000. Commonwealth Equity Services LLC acquired a new position in GitLab in the 4th quarter valued at approximately $235,000. Finally, Envestnet Portfolio Solutions Inc. increased its position in GitLab by 11.2% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,324 shares of the company’s stock valued at $244,000 after acquiring an additional 436 shares during the period. Institutional investors own 95.04% of the company’s stock.

Insider Activity

In related news, Director Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director owned 110,389 shares of the company’s stock, valued at $4,967,505. This trade represents a 2.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 509,950 shares of company stock valued at $23,288,223 over the last ninety days. Company insiders own 21.36% of the company’s stock.

GitLab Price Performance

GTLB opened at $45.37 on Monday. The company’s 50-day moving average is $45.94 and its 200 day moving average is $52.36. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a market capitalization of $7.50 billion, a P/E ratio of 453.70 and a beta of 0.74.

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

Wall Street Analyst Weigh In

GTLB has been the subject of several recent research reports. Wells Fargo & Company decreased their price target on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, June 11th. Scotiabank decreased their price target on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a research report on Friday, June 6th. Capital One Financial cut shares of GitLab from an “overweight” rating to an “equal weight” rating and set a $46.00 price target for the company. in a research report on Wednesday, July 16th. The Goldman Sachs Group restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research report on Tuesday, June 24th. Finally, DA Davidson decreased their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued 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 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.