Coronation Fund Managers Ltd. Invests $23.10 Million in GitLab Inc. $GTLB

Key Points

• Coronation Fund Managers Ltd. invested approximately $23.10 million in GitLab Inc., acquiring 512,117 shares, making GitLab the firm's 25th largest position.
• GitLab reported a 29.2% year-over-year revenue increase of $236 million but missed consensus EPS estimates, reporting ($0.03) EPS against expectations of $0.16.
• Institutional investors own 95.04% of GitLab’s stock, with notable changes in positions made by several firms during the second quarter.

Coronation Fund Managers Ltd. acquired a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 512,117 shares of the company's stock, valued at approximately $23,102,000. GitLab makes up approximately 1.3% of Coronation Fund Managers Ltd.'s portfolio, making the stock its 25th largest position. Coronation Fund Managers Ltd. owned approximately 0.31% of GitLab as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Stephens Inc. AR purchased a new position in shares of GitLab in the 2nd quarter worth approximately $295,000. International Assets Investment Management LLC purchased a new position in shares of GitLab in the 2nd quarter worth approximately $227,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of GitLab in the 2nd quarter worth approximately $801,000. William Blair Investment Management LLC boosted its stake in shares of GitLab by 23.3% in the 2nd quarter. William Blair Investment Management LLC now owns 580,752 shares of the company's stock worth $26,198,000 after buying an additional 109,708 shares during the last quarter. Finally, Carmel Capital Partners LLC boosted its stake in shares of GitLab by 41.4% in the 2nd quarter. Carmel Capital Partners LLC now owns 43,630 shares of the company's stock worth $1,968,000 after buying an additional 12,779 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

GTLB opened at $47.10 on Tuesday. The company has a fifty day moving average price of $46.49 and a 200-day moving average price of $45.74. The firm has a market capitalization of $7.85 billion, a P/E ratio of -1,177.50 and a beta of 0.73. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.19). GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. The firm had revenue of $236.00 million for the quarter, compared to analysts' expectations of $227.20 million. During the same quarter last year, the firm earned $0.15 earnings per share. The firm's revenue for the quarter was up 29.2% on a year-over-year basis. GitLab has set its FY 2026 guidance at 0.820-0.830 EPS. Q3 2026 guidance at 0.190-0.200 EPS. On average, analysts expect that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Activity at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $45.26, for a total value of $147,095.00. Following the completion of the transaction, the director directly owned 97,389 shares in the company, valued at approximately $4,407,826.14. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 396,147 shares of the company's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the completion of the transaction, the director owned 73,299 shares of the company's stock, valued at $3,703,798.47. This trade represents a 84.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,224,362 shares of company stock valued at $59,828,897 over the last ninety days. 16.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of research analyst reports. Barclays cut their target price on GitLab from $47.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, September 5th. Raymond James Financial lowered their price target on shares of GitLab from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, September 4th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $62.00 price target on shares of GitLab in a report on Wednesday, June 25th. FBN Securities raised shares of GitLab to a "strong-buy" rating in a report on Thursday, September 4th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of GitLab in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.83.

GitLab 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.

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