Driehaus Capital Management LLC Purchases New Shares in GitLab Inc. $GTLB

Key Points

• Driehaus Capital Management LLC made a new investment in GitLab Inc., purchasing 850,548 shares valued at approximately $39.98 million.
• Institutional ownership of GitLab has increased, with 95.04% of the stock held by institutional investors, including significant stakes from 1832 Asset Management and Ameriprise Financial.
• GitLab reported a quarterly earnings of $0.17 EPS, surpassing analysts' estimates, while its revenue grew by 26.8% compared to the previous year.

Driehaus Capital Management LLC purchased a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 850,548 shares of the company's stock, valued at approximately $39,976,000. Driehaus Capital Management LLC owned about 0.52% of GitLab as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. increased its holdings in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after buying an additional 334 shares during the last quarter. CoreCap Advisors LLC raised its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after acquiring an additional 452 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in GitLab during the first quarter worth approximately $29,000. Harbour Investments Inc. boosted its holdings in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock valued at $42,000 after purchasing an additional 734 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after purchasing an additional 490 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of recent analyst reports. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 target price on shares of GitLab in a research report on Wednesday, June 11th. Macquarie reiterated an "outperform" rating and issued a $75.00 price objective on shares of GitLab in a research note on Wednesday, June 25th. Needham & Company LLC cut their target price on shares of GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Raymond James Financial dropped their price objective on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Finally, Cantor Fitzgerald cut their price target on GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.83.

GitLab Stock Down 0.7%

Shares of GitLab stock traded down $0.33 during trading on Tuesday, hitting $47.69. 5,760,733 shares of the company were exchanged, compared to its average volume of 3,574,172. The firm has a 50 day moving average price of $44.61 and a 200 day moving average price of $47.70. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of 476.90 and a beta of 0.74. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same period last year, the company earned $0.03 EPS. The firm'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. Analysts predict that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the completion of the sale, the director directly owned 551,997 shares in the company, valued at $23,360,513.04. This represents a 18.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Monday, August 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director owned 103,889 shares in the company, valued at $4,675,005. The trade was a 3.03% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 464,950 shares of company stock worth $20,025,356. 21.36% of the stock is owned by company insiders.

About GitLab

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.