GitLab Inc. $GTLB Stock: Selective Wealth Management Inc. Cuts Holdings

Key Points

• Selective Wealth Management cut its GitLab holdings by 68.2% in the third quarter, selling 60,794 shares and retaining 28,365 shares valued at approximately $1.34 million.
• GitLab shares fell 5.7% to $52.76, despite the company exceeding quarterly earnings and revenue expectations. Institutional investors and hedge funds own approximately 95% of the stock.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $51.75, while insiders sold more than 2.17 million shares worth approximately $103.8 million during the latest quarter.

Selective Wealth Management Inc. cut its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 68.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 28,365 shares of the company's stock after selling 60,794 shares during the quarter. Selective Wealth Management Inc.'s holdings in GitLab were worth $1,340,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Curated Wealth Partners LLC purchased a new stake in shares of GitLab in the 3rd quarter valued at $407,000. NorthCrest Asset Manangement LLC purchased a new position in shares of GitLab during the third quarter worth $199,000. GAMMA Investing LLC raised its holdings in shares of GitLab by 27.3% during the third quarter. GAMMA Investing LLC now owns 3,524 shares of the company's stock worth $167,000 after purchasing an additional 755 shares during the last quarter. Green Alpha Advisors LLC lifted its position in GitLab by 51.1% during the third quarter. Green Alpha Advisors LLC now owns 10,485 shares of the company's stock valued at $495,000 after purchasing an additional 3,548 shares during the period. Finally, State Street Corp lifted its position in GitLab by 3.2% during the second quarter. State Street Corp now owns 2,632,173 shares of the company's stock valued at $80,351,000 after purchasing an additional 81,807 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Trading Down 5.7%

Shares of GitLab stock traded down $3.18 during trading hours on Friday, reaching $52.76. The stock had a trading volume of 3,566,585 shares, compared to its average volume of 4,355,491. The stock's 50 day moving average is $47.48 and its 200 day moving average is $34.61. GitLab Inc. has a twelve month low of $18.73 and a twelve month high of $57.89. The firm has a market capitalization of $8.79 billion, a PE ratio of -164.87 and a beta of 0.98.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, September 1st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $286.25 million for the quarter, compared to analysts' expectations of $273.13 million. During the same period last year, the firm earned $0.24 EPS. The company's quarterly 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, sell-side analysts predict that GitLab Inc. will post -0.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Truist Financial reissued a "hold" rating and issued a $48.00 price objective (up from $40.00) on shares of GitLab in a report on Wednesday, September 2nd. Piper Sandler upped their target price on GitLab from $28.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 2nd. Zacks Research lowered GitLab from a "hold" rating to a "strong sell" rating in a report on Friday, September 4th. TD Cowen lifted their price target on GitLab from $29.00 to $42.00 and gave the company a "hold" rating in a research report on Thursday, August 27th. Finally, UBS Group lifted their price target on GitLab from $40.00 to $50.00 and gave the company a "neutral" rating in a research report on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $51.75.

Insider Buying and Selling

In related news, Director Sytse Sijbrandij sold 430,000 shares of GitLab stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $45.84, for a total value of $19,711,200.00. Following the sale, the director directly owned 12,785,851 shares in the company, valued at approximately $586,103,409.84. The trade was a 3.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Simon Mundy sold 8,725 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $38.00, for a total value of $331,550.00. Following the sale, the chief accounting officer owned 105,332 shares of the company's stock, valued at approximately $4,002,616. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 2,176,840 shares of company stock valued at $103,798,494. 10.64% of the stock is owned by corporate insiders.

GitLab Company Profile

GitLab Inc NASDAQ: GTLB develops a cloud-based DevSecOps platform that helps organizations plan, create, secure and deploy software. Its platform brings together source code management, version control, issue tracking, project planning, continuous integration and continuous delivery, enabling development, operations and security teams to collaborate in a unified environment.

GitLab's products also include application security testing, vulnerability management, compliance tools, infrastructure as code, software supply chain security and monitoring capabilities.

Want to see what other hedge funds are holding GTLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GitLab Inc. (NASDAQ:GTLB - Free Report).

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.