Bank of America Corp DE Acquires 696,096 Shares of GitLab Inc. $GTLB

Key Points

• Bank of America increased its GitLab stake by 55.3% in the first quarter, acquiring 696,096 additional shares and bringing its holdings to 1.96 million shares valued at approximately $42.3 million.
• Institutional investors own 95.04% of GitLab, while recent insider transactions were predominantly sales totaling 241,125 shares worth $6.5 million over the past three months.
• Analysts maintain a mixed outlook, with GitLab receiving an average “Hold” rating and a consensus price target of $36.58. The company recently beat quarterly earnings and revenue estimates, reporting $264.2 million in revenue, up 23.2% year over year.

Bank of America Corp DE grew its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 55.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,955,648 shares of the company's stock after buying an additional 696,096 shares during the period. Bank of America Corp DE owned 1.15% of GitLab worth $42,320,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Allworth Financial LP increased its holdings 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 acquiring an additional 309 shares during the last quarter. Quarry LP acquired a new stake in GitLab during the 3rd quarter valued at $31,000. Larson Financial Group LLC boosted its position in GitLab by 92.7% during the third quarter. Larson Financial Group LLC now owns 1,000 shares of the company's stock worth $45,000 after purchasing an additional 481 shares during the period. Advisory Services Network LLC bought a new position in GitLab during the third quarter worth $48,000. Finally, Fifth Third Bancorp increased its holdings in shares of GitLab by 220.6% in the first 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. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on GTLB shares. Wolfe Research reaffirmed an "outperform" rating and set a $36.00 target price on shares of GitLab in a report on Wednesday, June 3rd. Mizuho increased their price target on shares of GitLab from $26.00 to $28.00 and gave the company a "neutral" rating in a report on Wednesday, June 3rd. Bank of America restated a "neutral" rating on shares of GitLab in a research report on Wednesday, June 3rd. Cantor Fitzgerald boosted their price objective on GitLab from $27.00 to $35.00 and gave the stock a "neutral" rating in a report on Wednesday, June 3rd. Finally, BTIG Research reaffirmed a "buy" rating and issued a $36.00 target price on shares of GitLab in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $36.58.

Insider Buying and Selling

In related news, CAO Simon Mundy sold 8,725 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $38.00, for a total transaction 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. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sytse Sijbrandij sold 116,200 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $28.44, for a total value of $3,304,728.00. Following the transaction, the director owned 14,902,051 shares in the company, valued at approximately $423,814,330.44. This trade represents a 0.77% 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. Insiders have sold 241,125 shares of company stock worth $6,523,848 in the last three months. 10.64% of the stock is currently owned by company insiders.

GitLab Stock Up 6.2%

NASDAQ GTLB opened at $43.35 on Friday. The company has a market capitalization of $7.32 billion, a P/E ratio of -270.94 and a beta of 0.94. GitLab Inc. has a 12-month low of $18.73 and a 12-month high of $52.38. The firm has a 50-day moving average price of $32.23 and a two-hundred day moving average price of $28.01.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 2nd. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.03. GitLab had a negative net margin of 2.49% and a positive return on equity of 0.31%. The firm had revenue of $264.16 million for the quarter, compared to analyst estimates of $254.23 million. During the same quarter in the prior year, the business posted $0.17 EPS. The business's revenue was up 23.2% compared to the same quarter last year. GitLab has set its Q2 2027 guidance at 0.170-0.180 EPS. Equities analysts expect that GitLab Inc. will post -0.18 EPS for the current year.

GitLab Company Profile

GitLab Inc NASDAQ: GTLB is a leading provider of a unified DevOps platform designed to streamline the software development lifecycle. Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, the company initially gained recognition for its open-source Git repository manager. Over time, GitLab expanded its offerings to encompass planning, source code management, continuous integration/continuous deployment (CI/CD), security testing, and monitoring in a single application. This integrated approach enables development teams to collaborate efficiently, reduce toolchain complexity, and accelerate release cycles.

The GitLab platform is offered through both cloud-hosted and self-managed deployment models, catering to organizations of all sizes.

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