Bank of America Corp DE Boosts Stock Position in GitLab Inc. $GTLB

Key Points

• Bank of America increased its GitLab stake by 1.6% in the second quarter, owning 1.99 million shares valued at approximately $60.7 million. Institutional investors collectively hold 95.04% of GitLab’s stock.
• GitLab reported quarterly earnings of $0.24 per share, beating estimates by $0.06, while revenue reached $286.25 million and grew 21.3% year over year.
• Analyst sentiment remains mixed: GitLab has a consensus “Hold” rating and a $51.75 price target, despite several firms recently raising their targets and others issuing downgrades.

Bank of America Corp DE lifted its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,987,140 shares of the company's stock after acquiring an additional 31,492 shares during the quarter. Bank of America Corp DE owned approximately 1.18% of GitLab worth $60,667,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Madison Asset Management LLC purchased a new stake in shares of GitLab during the second quarter worth about $4,061,000. Handelsbanken Fonder AB lifted its holdings in GitLab by 13.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 46,000 shares of the company's stock worth $1,404,000 after purchasing an additional 5,300 shares in the last quarter. GAMMA Investing LLC boosted its stake in GitLab by 60.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,769 shares of the company's stock worth $85,000 after purchasing an additional 1,043 shares during the period. Versant Capital Management Inc boosted its stake in GitLab by 300.6% in the 2nd quarter. Versant Capital Management Inc now owns 1,867 shares of the company's stock worth $57,000 after purchasing an additional 1,401 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in GitLab by 117.0% in the 1st quarter. Pacer Advisors Inc. now owns 854,928 shares of the company's stock worth $18,501,000 after purchasing an additional 460,887 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Simon Mundy sold 8,725 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was 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 of the company's stock, valued at $4,002,616. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GTLB has been the topic of several recent analyst reports. Canaccord Genuity Group lifted their price objective on shares of GitLab from $40.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, September 2nd. Weiss Ratings lowered shares of GitLab from a "sell (d)" rating to a "sell (e+)" rating in a research report on Wednesday, September 2nd. BTIG Research upped their target price on shares of GitLab from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. Needham & Company LLC raised their target price on shares of GitLab from $38.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Finally, Zacks Research downgraded shares of GitLab from a "hold" rating to a "strong sell" rating in a report on Friday, September 4th. 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.com, GitLab has a consensus rating of "Hold" and a consensus price target of $51.75.

GitLab Price Performance

Shares of GTLB opened at $49.23 on Monday. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of -153.84 and a beta of 0.99. GitLab Inc. has a 1 year low of $18.73 and a 1 year high of $55.55. The business's 50 day simple moving average is $40.63 and its 200-day simple moving average is $30.77.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.06. The company had revenue of $286.25 million for the quarter, compared to analysts' expectations of $273.13 million. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. GitLab's quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 earnings per share. 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, sell-side analysts expect that GitLab Inc. will post -0.28 earnings per share for the current year.

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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