Atreides Management LP Cuts Holdings in GitLab Inc. $GTLB

Key Points

• Atreides Management LP decreased its holdings in GitLab Inc. by 14.4%, selling 68,350 shares and leaving it with 407,128 shares valued at approximately $19.1 million.
• Vanguard Group Inc. and other major institutional investors have increased their stakes in GitLab, with Vanguard raising its position by 2.3% to a total of about 13.4 million shares worth around $632 million.
• Analysts have set varying price targets for GitLab, with Macquarie maintaining a $75.00 target while JPMorgan lowered its estimate from $58.00 to $52.00, reflecting differing views on the stock’s potential.

Atreides Management LP trimmed its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 14.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 407,128 shares of the company's stock after selling 68,350 shares during the quarter. Atreides Management LP owned 0.25% of GitLab worth $19,135,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cullen Frost Bankers Inc. increased its position in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after acquiring an additional 334 shares during the last quarter. CoreCap Advisors LLC increased 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 buying an additional 452 shares during the last quarter. Twin Tree Management LP purchased a new stake in GitLab in the first quarter worth $29,000. Cloud Capital Management LLC purchased a new stake in GitLab in the first quarter worth $29,000. Finally, Harbour Investments Inc. increased its position in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after buying an additional 734 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on GTLB shares. Cantor Fitzgerald decreased their target price on GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Wednesday, June 11th. Morgan Stanley raised their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Royal Bank Of Canada reissued an "outperform" rating and issued a $62.00 target price on shares of GitLab in a research report on Wednesday, June 25th. Barclays reduced their price target on GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. reduced their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $62.83.

GitLab Trading Down 1.6%

GitLab stock traded down $0.78 during trading on Wednesday, reaching $46.91. The company had a trading volume of 13,841,161 shares, compared to its average volume of 4,359,658. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of 469.10 and a beta of 0.75. The firm's 50-day simple moving average is $44.79 and its 200 day simple moving average is $47.70.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%.The business had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same quarter in the prior year, the business posted $0.03 EPS. GitLab's revenue for the quarter was up 26.8% compared to the same quarter last year. GitLab has set its FY 2026 guidance at 0.740-0.750 EPS. Q2 2026 guidance at 0.160-0.17 EPS. On average, analysts predict that GitLab Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director owned 103,889 shares in the company, valued at $4,675,005. This trade represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $45.16, for a total value of $4,904,376.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 464,950 shares of company stock worth $20,025,356. Corporate insiders own 21.36% of the company's stock.

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.