GitLab Inc. $GTLB Holdings Lifted by Light Street Capital Management LLC

Key Points

• Light Street Capital Management increased its GitLab stake by 66.2% in the second quarter, purchasing 775,000 additional shares to own 1.945 million shares valued at approximately $59.4 million. Institutional investors collectively own 95.04% of GitLab.
• GitLab exceeded quarterly expectations, reporting adjusted EPS of $0.24 versus the $0.18 consensus and revenue of $286.25 million versus $273.13 million expected; revenue increased 21.3% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $51.75 target price. The stock recently traded at $47.15, while insiders disclosed sales conducted under pre-arranged trading plans.

Light Street Capital Management LLC grew its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 66.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,945,000 shares of the company's stock after purchasing an additional 775,000 shares during the period. GitLab accounts for about 6.6% of Light Street Capital Management LLC's investment portfolio, making the stock its 3rd largest position. Light Street Capital Management LLC owned about 1.15% of GitLab worth $59,381,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of GTLB. Allworth Financial LP raised its holdings in 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 acquiring an additional 309 shares during the last quarter. Tsfg LLC acquired a new stake in shares of GitLab during the second quarter worth $31,000. Quarry LP acquired a new stake in shares of GitLab during the third quarter worth $31,000. Fifth Third Bancorp grew its position 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 period. Finally, Larson Financial Group LLC grew its position in shares of 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 purchasing an additional 481 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on GTLB. Weiss Ratings lowered GitLab from a "sell (d)" rating to a "sell (e+)" rating in a research note on Wednesday, September 2nd. Wells Fargo & Company raised their target price on shares of GitLab from $40.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 2nd. Guggenheim reaffirmed a "neutral" rating on shares of GitLab in a research report on Wednesday, September 2nd. Sanford C. Bernstein reiterated an "outperform" rating on shares of GitLab in a report on Wednesday, September 2nd. Finally, Royal Bank Of Canada upped their price objective on GitLab from $46.00 to $60.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 2nd. Seven equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, GitLab currently has a consensus rating of "Hold" and a consensus target price of $51.75.

GitLab Price Performance

NASDAQ GTLB traded down $2.68 on Tuesday, reaching $47.15. The company had a trading volume of 4,373,616 shares, compared to its average volume of 5,913,600. The firm has a 50-day moving average of $37.74 and a 200-day moving average of $29.40. The firm has a market capitalization of $7.96 billion, a PE ratio of -147.34 and a beta of 0.99. GitLab Inc. has a 1 year low of $18.73 and a 1 year high of $55.55.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.06. The firm had revenue of $286.25 million for the quarter, compared to the consensus estimate of $273.13 million. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The firm's quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. As a group, sell-side analysts expect that GitLab Inc. will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In related news, Director Sytse Sijbrandij sold 116,200 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $28.44, for a total value of $3,304,728.00. Following the sale, the director directly owned 14,902,051 shares of the company's stock, valued at $423,814,330.44. This represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Simon Mundy sold 8,725 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $38.00, for a total transaction of $331,550.00. Following the transaction, the chief accounting officer directly owned 105,332 shares in the company, valued at $4,002,616. The trade was a 7.65% 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. Corporate insiders own 10.64% of the company's stock.

GitLab 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.