Huntington National Bank Acquires 174,200 Shares of GitLab Inc. $GTLB

Key Points

• Huntington National Bank boosted its GitLab stake by 118.9% in the fourth quarter, buying 174,200 additional shares and bringing its total holding to 320,660 shares worth about $12.0 million.
• Insider selling has been notable, with director Sytse Sijbrandij and director Matthew Jacobson among recent sellers; insiders have sold 1.39 million shares worth $31.7 million over the last 90 days.
• Analyst sentiment remains cautious overall, with GitLab carrying a consensus “Hold” rating and an average price target of $37.08, while several firms have recently cut ratings or targets.

Huntington National Bank grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 118.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 320,660 shares of the company's stock after buying an additional 174,200 shares during the period. Huntington National Bank owned approximately 0.19% of GitLab worth $12,034,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of GitLab by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,723,013 shares of the company's stock worth $102,216,000 after purchasing an additional 97,342 shares in the last quarter. Malaga Cove Capital LLC lifted its holdings in shares of GitLab by 8.1% in the 4th quarter. Malaga Cove Capital LLC now owns 25,121 shares of the company's stock worth $943,000 after purchasing an additional 1,888 shares in the last quarter. Ceera Investments LLC lifted its holdings in shares of GitLab by 7.9% in the 4th quarter. Ceera Investments LLC now owns 129,656 shares of the company's stock worth $4,866,000 after purchasing an additional 9,519 shares in the last quarter. Churchill Financial Advisors LLC bought a new position in shares of GitLab in the 4th quarter worth $587,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of GitLab by 3,280.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 6,018 shares of the company's stock worth $226,000 after purchasing an additional 5,840 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of the firm's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $24.85, for a total transaction of $2,887,570.00. Following the transaction, the director directly owned 15,018,251 shares in the company, valued at approximately $373,203,537.35. This trade represents a 0.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 700,109 shares of the firm's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $22.95, for a total value of $16,067,501.55. Following the transaction, the director owned 325 shares in the company, valued at approximately $7,458.75. This trade represents a 99.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,392,308 shares of company stock worth $31,654,249. Company insiders own 10.64% of the company's stock.

Analysts Set New Price Targets

GTLB has been the topic of a number of recent research reports. Guggenheim cut GitLab from a "buy" rating to a "neutral" rating in a report on Thursday, April 9th. Weiss Ratings reiterated a "sell (e+)" rating on shares of GitLab in a report on Tuesday, May 12th. Piper Sandler cut GitLab from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $55.00 to $28.00 in a report on Wednesday, March 4th. Bank of America cut GitLab from a "buy" rating to a "neutral" rating and cut their target price for the stock from $58.00 to $27.00 in a report on Wednesday, April 22nd. Finally, DA Davidson set a $24.00 target price on GitLab in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eighteen have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $37.08.

GitLab Trading Up 5.3%

Shares of NASDAQ:GTLB opened at $27.93 on Friday. The stock's fifty day simple moving average is $22.92 and its two-hundred day simple moving average is $30.63. GitLab Inc. has a 1-year low of $18.73 and a 1-year high of $52.38. The stock has a market cap of $4.75 billion, a PE ratio of -79.80 and a beta of 0.82.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. GitLab had a negative return on equity of 1.73% and a negative net margin of 5.86%.The business had revenue of $260.40 million for the quarter, compared to analysts' expectations of $252.31 million. During the same period last year, the business earned $0.33 EPS. The business's revenue was up 23.2% on a year-over-year basis. On average, sell-side analysts forecast that GitLab Inc. will post -0.33 earnings per share for the current fiscal year.

About GitLab

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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