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% in the first quarter, HoldingsChannel reports. The institutional investor owned 4,595 shares of the company’s stock after selling 370 shares during the quarter. M&T Bank Corp’s holdings in GitLab were worth $216,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company’s stock valued at $2,030,000 after buying an additional 42,764 shares during the last quarter. Swiss National Bank raised its holdings in GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after buying an additional 7,700 shares during the last quarter. Park Avenue Securities LLC increased its position in GitLab by 5.3% during the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company’s stock valued at $357,000 after purchasing an additional 381 shares during the period. Wealthcare Advisory Partners LLC increased its position in GitLab by 19.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company’s stock valued at $309,000 after purchasing an additional 1,065 shares during the period. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in GitLab during the 1st quarter valued at $200,000. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Performance

Shares of GTLB stock opened at $45.37 on Friday. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company’s 50-day moving average is $45.94 and its 200 day moving average is $52.42. The company has a market capitalization of $7.50 billion, a price-to-earnings ratio of 453.70 and a beta of 0.74.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $213.21 million. During the same period in the prior year, the firm posted $0.03 EPS. GitLab’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, research analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Cowen reissued a “buy” rating on shares of GitLab in a research report on Friday, June 6th. Piper Sandler reissued an “overweight” rating and set a $85.00 price objective on shares of GitLab in a research report on Wednesday, June 11th. Royal Bank Of Canada reissued an “outperform” rating and set a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. KeyCorp reduced their price objective on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, DA Davidson reduced their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Five analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $62.63.

Insider Activity

In related news, Director Matthew Jacobson sold 129,400 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the sale, the director directly owned 551,997 shares of the company’s stock, valued at approximately $23,360,513.04. This represents a 18.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the company’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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 509,950 shares of company stock valued at $23,288,223. Company insiders own 16.37% of the company’s stock.

About GitLab

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.