257,772 GitLab Inc. $GTLB Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its GitLab stake by 94.5% in the second quarter, selling 257,772 shares and retaining 15,097 shares worth approximately $461,000. Institutional investors collectively own 95.04% of GitLab.
• Analysts maintain a consensus “Hold” rating with an average price target of $51.75, despite several recent target increases. GitLab shares opened at $55.09, near their 52-week high of $55.55.
• GitLab exceeded quarterly expectations, reporting $0.24 in adjusted earnings per share versus estimates of $0.18 and revenue of $286.25 million, up 21.3% year over year. However, insiders sold more than 2.17 million shares worth approximately $103.8 million over the past 90 days.

Envestnet Asset Management Inc. trimmed its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 94.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,097 shares of the company's stock after selling 257,772 shares during the quarter. Envestnet Asset Management Inc.'s holdings in GitLab were worth $461,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Atreides Management LP purchased a new stake in GitLab in the 2nd quarter worth $102,983,000. SG Americas Securities LLC raised its position in GitLab by 6,528.0% during the 1st quarter. SG Americas Securities LLC now owns 3,135,394 shares of the company's stock valued at $67,850,000 after purchasing an additional 3,088,089 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in GitLab by 363.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,987,553 shares of the company's stock valued at $60,680,000 after buying an additional 1,558,625 shares during the period. Light Street Capital Management LLC lifted its position in shares of GitLab by 66.2% during the second quarter. Light Street Capital Management LLC now owns 1,945,000 shares of the company's stock valued at $59,381,000 after buying an additional 775,000 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in GitLab during the 1st quarter worth $16,074,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on GTLB. Royal Bank Of Canada lifted their price target on GitLab from $46.00 to $60.00 and gave the company a "sector perform" rating in a research note on Wednesday, September 2nd. Wells Fargo & Company boosted their price target on GitLab from $40.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 2nd. Barclays increased their target price on shares of GitLab from $25.00 to $47.00 and gave the company an "underweight" rating in a research report on Wednesday, September 2nd. Truist Financial restated a "hold" rating and set a $48.00 target price (up from $40.00) on shares of GitLab in a report on Wednesday, September 2nd. Finally, Mizuho lifted their price objective on GitLab from $34.00 to $47.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, GitLab currently has a consensus rating of "Hold" and an average target price of $51.75.

GitLab Stock Up 2.9%

NASDAQ:GTLB opened at $55.09 on Friday. GitLab Inc. has a 52 week low of $18.73 and a 52 week high of $55.55. The company has a fifty day simple moving average of $45.74 and a two-hundred day simple moving average of $33.46. The company has a market cap of $9.18 billion, a price-to-earnings ratio of -172.15 and a beta of 0.98.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.06. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The business had revenue of $286.25 million for the quarter, compared to analyst estimates of $273.13 million. During the same period last year, the business earned $0.24 EPS. The company's revenue was up 21.3% on a year-over-year basis. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. On average, analysts expect that GitLab Inc. will post -0.29 EPS for the current year.

Insider Activity

In other news, CAO Simon Mundy sold 8,725 shares of GitLab stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $38.00, for a total value of $331,550.00. Following the sale, the chief accounting officer owned 105,332 shares of the company's stock, valued at $4,002,616. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sivaprasad Padisetty sold 51,915 shares of the business's stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.78, for a total value of $2,376,668.70. Following the transaction, the chief technology officer owned 377,211 shares in the company, valued at $17,268,719.58. The trade was a 12.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 2,176,840 shares of company stock valued at $103,798,494. 10.64% of the stock is currently owned by company insiders.

GitLab Company Profile

GitLab Inc NASDAQ: GTLB develops a cloud-based DevSecOps platform that helps organizations plan, create, secure and deploy software. Its platform brings together source code management, version control, issue tracking, project planning, continuous integration and continuous delivery, enabling development, operations and security teams to collaborate in a unified environment.

GitLab's products also include application security testing, vulnerability management, compliance tools, infrastructure as code, software supply chain security and monitoring capabilities.

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