GitLab Inc. $GTLB Shares Purchased by CenterBook Partners LP

Key Points

• CenterBook Partners increased its GitLab stake by 747.7% in the third quarter, ending the period with 69,417 shares valued at about $3.28 million. Institutional investors collectively own 95.04% of the company.
• Analyst sentiment is broadly neutral: GitLab has an average rating of Hold and an average price target of $52.33, with 7 Buy, 18 Hold, and 3 Sell ratings.
• GitLab beat quarterly estimates, reporting EPS of $0.24 versus $0.18 expected and revenue of $286.25 million, up 21.3% year over year. Insiders sold 2.28 million shares worth about $109.7 million over the past three months.

CenterBook Partners LP raised its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 747.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,417 shares of the company's stock after acquiring an additional 61,228 shares during the quarter. CenterBook Partners LP's holdings in GitLab were worth $3,280,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of GTLB. Pekin Hardy Strauss Inc. bought a new position in GitLab in the 3rd quarter worth approximately $298,000. Greenleaf Trust bought a new position in GitLab in the 3rd quarter valued at $251,000. Mirae Asset Global Investments Co. Ltd. bought a new position in GitLab in the 3rd quarter valued at $35,000. Vise Technologies Inc. increased its stake in shares of GitLab by 25.6% in the 3rd quarter. Vise Technologies Inc. now owns 19,225 shares of the company's stock valued at $908,000 after buying an additional 3,922 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of GitLab in the 3rd quarter valued at $1,186,000. 95.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler boosted their target price on GitLab from $28.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. Wells Fargo & Company raised their price target on GitLab from $40.00 to $50.00 and gave the company an "equal weight" rating in a report on Wednesday, September 2nd. Weiss Ratings lowered GitLab from a "sell (d)" rating to a "sell (e+)" rating in a research report on Wednesday, September 2nd. Morgan Stanley lifted their price objective on GitLab from $30.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 2nd. Finally, Royal Bank Of Canada boosted 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 issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $52.33.

GitLab Stock Performance

Shares of GitLab stock opened at $48.09 on Friday. The firm has a fifty day moving average of $50.94 and a two-hundred day moving average of $34.57. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of -150.28 and a beta of 0.96. GitLab Inc. has a 52 week low of $18.73 and a 52 week high of $58.01.

GitLab (NASDAQ:GTLB - Get Free Report) last posted 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. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%. The business had revenue of $286.25 million for the quarter, compared to analyst estimates of $273.13 million. During the same period last year, the company earned $0.24 EPS. The firm's revenue was up 21.3% on a year-over-year basis. 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, research analysts forecast that GitLab Inc. will post -0.29 EPS for the current fiscal year.

Insider Activity

In other news, CTO Sivaprasad Padisetty sold 51,915 shares of the business's stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the completion of the transaction, the chief technology officer directly owned 377,211 shares in the company, valued at approximately $17,268,719.58. The trade was a 12.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sytse Sijbrandij sold 980,710 shares of the company's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $48.63, for a total value of $47,691,927.30. Following the completion of the sale, the director directly owned 13,921,341 shares of the company's stock, valued at approximately $676,994,812.83. This trade represents a 6.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,284,315 shares of company stock worth $109,656,918 in the last three months. Insiders own 10.64% of the company's stock.

GitLab Profile

GitLab Inc develops an integrated DevSecOps platform that helps organizations plan, create, secure, deploy and monitor software. Its platform brings source code management, project planning, continuous integration and continuous delivery, application security, compliance, and observability capabilities into a single application.

GitLab's products are designed to support software development teams throughout the application lifecycle. Key offerings include repositories and collaboration tools, automated testing and deployment, vulnerability management, security testing, infrastructure and portfolio management, and artificial intelligence features intended to assist developers and other technology professionals.

Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, GitLab operates as an all-remote company and serves organizations globally across a range of industries and sizes.

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