Bank of Nova Scotia Purchases New Position in GitLab Inc. $GTLB

Bank of Nova Scotia acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 411,940 shares of the company's stock, valued at approximately $8,914,000. Bank of Nova Scotia owned 0.24% of GitLab at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Allworth Financial LP raised its position in shares of GitLab by 124.1% in the 3rd quarter. Allworth Financial LP now owns 558 shares of the company's stock valued at $25,000 after buying an additional 309 shares in the last quarter. Quarry LP acquired a new position in GitLab during the 3rd quarter worth approximately $31,000. Fifth Third Bancorp lifted its stake in 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. Lodestone Wealth Management LLC bought a new position in GitLab in the 4th quarter valued at approximately $36,000. Finally, Larson Financial Group LLC boosted its position 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 buying an additional 481 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $31.28 on Monday. The stock's 50 day moving average price is $29.79 and its 200-day moving average price is $27.85. The company has a market capitalization of $5.28 billion, a PE ratio of -195.50 and a beta of 0.96. GitLab Inc. has a twelve month low of $18.73 and a twelve month high of $52.38.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, June 2nd. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. GitLab had a positive return on equity of 0.31% and a negative net margin of 2.49%.The company had revenue of $264.16 million during the quarter, compared to the consensus estimate of $254.23 million. During the same quarter in the prior year, the company earned $0.17 EPS. The firm's quarterly 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. As a group, research analysts expect that GitLab Inc. will post -0.18 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on GTLB. Needham & Company LLC increased their price target on GitLab from $32.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, June 3rd. BTIG Research reaffirmed a "buy" rating and issued a $36.00 price objective on shares of GitLab in a research note on Thursday, June 11th. Raymond James Financial reissued a "market perform" rating on shares of GitLab in a research report on Tuesday, May 19th. DA Davidson lifted their price objective on GitLab from $24.00 to $35.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 3rd. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of GitLab in a research note on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $36.58.

Insiders Place Their Bets

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of GitLab stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $28.44, for a total transaction of $3,304,728.00. Following the completion of the sale, the director directly owned 14,902,051 shares in the company, valued at $423,814,330.44. The trade was a 0.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.64% of the stock is owned by corporate insiders.

About GitLab

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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