GitLab Inc. $GTLB Stock Holdings Reduced by ICONIQ Capital LLC

Key Points

• ICONIQ Capital LLC has reduced its stake in GitLab Inc. by 3.6%, selling 152,884 shares during the first quarter, leaving the firm with 4,107,756 shares which constitutes about 3.3% of its portfolio.
• GitLab's quarterly revenue rose by 26.8% year-over-year, reporting $214.51 million, and earnings per share surpassed estimates at $0.17 compared to a consensus estimate of $0.15.
• Brokerages have been adjusting their price targets downwards for GitLab, with Barclays lowering its target from $58.00 to $47.00 and UBS reducing theirs from $85.00 to $73.00.

ICONIQ Capital LLC lessened its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 4,107,756 shares of the company's stock after selling 152,884 shares during the quarter. GitLab makes up approximately 3.3% of ICONIQ Capital LLC's investment portfolio, making the stock its 5th largest holding. ICONIQ Capital LLC owned approximately 2.53% of GitLab worth $178,870,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after buying an additional 334 shares during the last quarter. CoreCap Advisors LLC grew its holdings in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after acquiring an additional 452 shares during the period. Cloud Capital Management LLC bought a new position in shares of GitLab in the 1st quarter worth about $29,000. Harbour Investments Inc. raised its position in shares of GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after acquiring an additional 734 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of GitLab by 114.2% in the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after acquiring an additional 490 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GTLB shares. Scotiabank cut their target price on GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a research report on Friday, June 6th. The Goldman Sachs Group restated a "neutral" rating and set a $50.00 target price on shares of GitLab in a research report on Tuesday, June 24th. Cantor Fitzgerald cut their target price on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. UBS Group cut their target price on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. cut their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 11th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, GitLab has an average rating of "Moderate Buy" and an average target price of $62.83.

GitLab Price Performance

GTLB traded up $3.49 during mid-day trading on Wednesday, reaching $47.26. 4,703,205 shares of the stock were exchanged, compared to its average volume of 4,352,941. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The company has a 50 day moving average price of $44.18 and a two-hundred day moving average price of $48.44.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The firm's revenue for the quarter was up 26.8% on a year-over-year basis. GitLab has set its FY 2026 guidance at 0.740-0.750 EPS. Q2 2026 guidance at 0.160-0.17 EPS. As a group, analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other news, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $41.44, for a total value of $4,500,384.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director directly owned 103,889 shares of the company's stock, valued at approximately $4,675,005. This represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 464,950 shares of company stock valued at $20,025,356 over the last ninety days. Corporate insiders own 16.37% of the company's stock.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.