Hsbc Holdings PLC Boosts Stock Holdings in GitLab Inc. $GTLB

Key Points

• HSBC Holdings increased its GitLab stake by 132.7% in the second quarter, bringing its holdings to 45,706 shares valued at approximately $1.38 million. Institutional investors collectively own 95.04% of GTLB.
• GitLab reported quarterly EPS of $0.24, beating estimates of $0.18, while revenue rose 21.3% year over year to $286.25 million. The stock opened at $46.99, with a one-year range of $18.73 to $55.55.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $51.75. Meanwhile, insiders—including Chief Accounting Officer Simon Mundy and Director Sytse Sijbrandij—sold shares under pre-arranged Rule 10b5-1 plans.

Hsbc Holdings PLC lifted its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 132.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,706 shares of the company's stock after purchasing an additional 26,062 shares during the period. Hsbc Holdings PLC's holdings in GitLab were worth $1,382,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTLB. Allworth Financial LP raised its holdings in GitLab by 124.1% in the third quarter. Allworth Financial LP now owns 558 shares of the company's stock valued at $25,000 after acquiring an additional 309 shares in the last quarter. Quarry LP purchased a new stake in shares of GitLab in the 3rd quarter valued at approximately $31,000. Fifth Third Bancorp raised its holdings in shares of GitLab by 220.6% in the 1st 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 in the last quarter. Larson Financial Group LLC raised its holdings in shares of GitLab by 92.7% in the 3rd 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 in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of GitLab during the 3rd quarter worth $48,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In other news, CAO Simon Mundy sold 8,725 shares of the 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 completion of the sale, the chief accounting officer directly owned 105,332 shares of the company's stock, valued at approximately $4,002,616. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sytse Sijbrandij sold 116,200 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $28.44, for a total transaction of $3,304,728.00. Following the transaction, the director owned 14,902,051 shares in the company, valued at approximately $423,814,330.44. This trade represents a 0.77% 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. 10.64% of the stock is currently owned by corporate insiders.

GitLab Stock Performance

GTLB opened at $46.99 on Friday. GitLab Inc. has a one year low of $18.73 and a one year high of $55.55. The stock has a market capitalization of $7.83 billion, a P/E ratio of -146.84 and a beta of 0.99. The business's 50-day simple moving average is $38.97 and its 200-day simple moving average is $29.92.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.06. The firm had revenue of $286.25 million during the quarter, compared to analysts' expectations of $273.13 million. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%.The business's revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the firm earned $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. On average, equities research analysts forecast that GitLab Inc. will post -0.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GTLB. Guggenheim reiterated a "neutral" rating on shares of GitLab in a research note on Wednesday, September 2nd. Piper Sandler raised their price target on GitLab from $28.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, September 2nd. Morgan Stanley lifted their price target on GitLab from $30.00 to $57.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 2nd. Truist Financial reaffirmed a "hold" rating and set a $48.00 price objective (up from $40.00) on shares of GitLab in a research report on Wednesday, September 2nd. Finally, Robert W. Baird increased their price objective on GitLab from $47.00 to $59.00 and gave the company an "outperform" rating in a 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $51.75.

GitLab Company Profile

GitLab Inc NASDAQ: GTLB develops a software development and collaboration platform designed to help organizations plan, create, secure and deploy applications. Its platform brings together source code management, project planning, code review, continuous integration and continuous delivery (CI/CD), application security, compliance and monitoring capabilities in a unified DevSecOps environment.

GitLab serves businesses, government organizations and educational institutions across a range of industries and geographies.

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