GitLab Inc. $GTLB Stock Position Raised by Eminence Capital LP

Key Points

• Eminence Capital increased its stake in GitLab by 15.9% in Q3 to 7,207,729 shares (about 4.32% of GitLab), making the stock its second-largest holding valued at roughly $324.9 million.
• GitLab beat the quarter's estimates with $0.30 EPS (vs. $0.23) and $260.4M revenue (up 23.2% y/y), but remains unprofitable with negative margins, and analysts have trimmed price targets to a consensus "Hold" and an average target of $39.62.
• Institutional investors own 95.04% of the stock, yet insiders have sold heavily—503,744 shares worth about $18.59M in the last 90 days—while insiders still hold 16.37% of shares.

Eminence Capital LP grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 15.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,207,729 shares of the company's stock after buying an additional 989,122 shares during the quarter. GitLab accounts for about 3.9% of Eminence Capital LP's investment portfolio, making the stock its 2nd largest holding. Eminence Capital LP owned about 4.32% of GitLab worth $324,924,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Farther Finance Advisors LLC raised its holdings in GitLab by 284.3% in the third quarter. Farther Finance Advisors LLC now owns 907 shares of the company's stock valued at $41,000 after acquiring an additional 671 shares in the last quarter. Global Retirement Partners LLC boosted its stake in GitLab by 84.1% during the 3rd quarter. Global Retirement Partners LLC now owns 974 shares of the company's stock valued at $44,000 after acquiring an additional 445 shares during the last quarter. Manchester Capital Management LLC acquired a new position in GitLab during the 2nd quarter worth $48,000. Elevation Point Wealth Partners LLC bought a new stake in shares of GitLab in the 2nd quarter worth about $63,000. Finally, Clearstead Advisors LLC increased its position in shares of GitLab by 35.2% in the 3rd quarter. Clearstead Advisors LLC now owns 1,747 shares of the company's stock worth $79,000 after purchasing an additional 455 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Stock Down 0.6%

GTLB opened at $22.69 on Friday. The company's 50-day moving average price is $30.97 and its 200 day moving average price is $39.68. GitLab Inc. has a fifty-two week low of $22.40 and a fifty-two week high of $54.08. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of -64.83 and a beta of 0.79.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. The company had revenue of $260.40 million during the quarter, compared to analyst estimates of $252.31 million. GitLab had a negative return on equity of 1.79% and a negative net margin of 5.86%.The business's revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 earnings per share. Research analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Sanford C. Bernstein reduced their price target on shares of GitLab from $70.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 4th. Mizuho lowered their price objective on GitLab from $37.00 to $30.00 and set a "neutral" rating for the company in a report on Wednesday, March 4th. The Goldman Sachs Group cut their price objective on GitLab from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, December 3rd. Piper Sandler downgraded GitLab from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $55.00 to $28.00 in a report on Wednesday, March 4th. Finally, Guggenheim decreased their target price on GitLab from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, GitLab presently has a consensus rating of "Hold" and an average price target of $39.62.

Insider Buying and Selling

In other news, Director Sytse Sijbrandij sold 54,300 shares of the business's stock in a transaction on Monday, December 15th. The shares were sold at an average price of $38.95, for a total transaction of $2,114,985.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Simon Mundy sold 2,756 shares of the company's stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $38.42, for a total transaction of $105,885.52. Following the transaction, the chief accounting officer owned 47,184 shares of the company's stock, valued at $1,812,809.28. This represents a 5.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 503,744 shares of company stock valued at $18,590,495 in the last 90 days. Corporate insiders own 16.37% of the company's stock.

GitLab Company 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.

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