Amundi Sells 27,954 Shares of GitLab Inc. $GTLB

Key Points

• Amundi cut its GitLab stake by 28.8% in the second quarter, selling 27,954 shares and retaining 69,203 shares valued at approximately $2.1 million. Institutional investors collectively own 95.04% of GitLab.
• GitLab reported quarterly earnings of $0.24 per share, beating estimates by $0.06, while revenue reached $286.25 million, up 21.3% year over year and above analyst expectations.
• Analyst sentiment remains mixed, with GitLab holding a consensus “Hold” rating and an average price target of $51.75; the stock recently opened at $46.99.

Amundi decreased its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 28.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,203 shares of the company's stock after selling 27,954 shares during the period. Amundi's holdings in GitLab were worth $2,113,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Allworth Financial LP lifted its position in shares of GitLab by 124.1% during the 3rd quarter. Allworth Financial LP now owns 558 shares of the company's stock worth $25,000 after buying an additional 309 shares during the period. Tsfg LLC acquired a new position in GitLab during the 2nd quarter worth $31,000. Quarry LP bought a new position in GitLab in the third quarter valued at about $31,000. Fifth Third Bancorp boosted its stake in shares of GitLab by 220.6% in the 1st quarter. Fifth Third Bancorp now owns 1,603 shares of the company's stock valued at $35,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in GitLab by 92.7% in the third quarter. Larson Financial Group LLC now owns 1,000 shares of the company's stock valued at $45,000 after acquiring an additional 481 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Activity at GitLab

In other news, CAO Simon Mundy sold 8,725 shares of GitLab stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $38.00, for a total value of $331,550.00. Following the completion of the sale, the chief accounting officer directly owned 105,332 shares in the company, valued at approximately $4,002,616. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.64% of the company's stock.

GitLab Stock Performance

Shares of GTLB stock opened at $46.99 on Monday. GitLab Inc. has a 52-week low of $18.73 and a 52-week high of $55.55. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of -146.84 and a beta of 0.99. The firm's 50-day moving average is $38.97 and its 200-day moving average is $29.96.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.06. The business had revenue of $286.25 million for the quarter, compared to analyst estimates of $273.13 million. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%.The firm's revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. Sell-side analysts predict that GitLab Inc. will post -0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several analyst reports. Piper Sandler boosted their target price on GitLab from $28.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. Cantor Fitzgerald raised their price target on GitLab from $35.00 to $50.00 and gave the stock a "neutral" rating in a research report on Monday, August 31st. Morgan Stanley lifted their price objective on GitLab from $30.00 to $57.00 and gave the company an "equal weight" rating in a report on Wednesday, September 2nd. Raymond James Financial reiterated a "market perform" rating on shares of GitLab in a research report on Tuesday, May 19th. Finally, 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. Seven investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, GitLab has an average rating of "Hold" and a consensus price target of $51.75.

GitLab Profile

GitLab Inc NASDAQ: GTLB develops a software development and collaboration platform designed to help organizations plan, create, secure and deploy applications. Its platform brings together source code management, project planning, code review, continuous integration and continuous delivery (CI/CD), application security, compliance and monitoring capabilities in a unified DevSecOps environment.

GitLab serves businesses, government organizations and educational institutions across a range of industries and geographies.

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