Integrated Wealth Concepts LLC Sells 45,241 Shares of GitLab Inc. $GTLB

Key Points

• Integrated Wealth Concepts LLC cut its GitLab stake by 69.8%, selling 45,241 shares in the second quarter and retaining 19,564 shares valued at approximately $597,000. Institutional investors collectively own 95.04% of GitLab.
• Analysts maintain a consensus “Hold” rating with a $51.75 price target. Recent target changes ranged from $50 to $65, though 17 analysts rate the stock Hold versus seven Buys and four Sells.
• GitLab’s latest quarter exceeded expectations, reporting $0.24 EPS versus $0.18 expected and $286.25 million in revenue, up 21.3% year over year. Shares opened at $49.23, compared with a 52-week range of $18.73 to $55.55.

Integrated Wealth Concepts LLC lowered its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 69.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,564 shares of the company's stock after selling 45,241 shares during the period. Integrated Wealth Concepts LLC's holdings in GitLab were worth $597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Eminence Capital LP boosted its holdings in shares of GitLab by 6.9% during the 4th quarter. Eminence Capital LP now owns 7,702,226 shares of the company's stock valued at $289,065,000 after purchasing an additional 494,497 shares during the last quarter. Atreides Management LP bought a new stake in shares of GitLab in the second quarter worth about $102,983,000. Geode Capital Management LLC lifted its position in shares of GitLab by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 2,723,013 shares of the company's stock worth $102,216,000 after buying an additional 97,342 shares in the last quarter. Norges Bank purchased a new stake in shares of GitLab in the fourth quarter worth about $81,379,000. Finally, SG Americas Securities LLC boosted its stake in GitLab by 6,528.0% during the first quarter. SG Americas Securities LLC now owns 3,135,394 shares of the company's stock valued at $67,850,000 after buying an additional 3,088,089 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Insider Activity at GitLab

In other news, CAO Simon Mundy sold 8,725 shares of the business's stock in a transaction 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 transaction, the chief accounting officer directly owned 105,332 shares of the company's stock, valued at approximately $4,002,616. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.64% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GTLB shares. Wells Fargo & Company raised their price target on GitLab from $40.00 to $50.00 and gave the company an "equal weight" rating in a report on Wednesday, September 2nd. Needham & Company LLC increased their target price on GitLab from $38.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, September 2nd. Guggenheim reissued a "neutral" rating on shares of GitLab in a report on Wednesday, September 2nd. Cantor Fitzgerald boosted their price target on shares of GitLab from $35.00 to $50.00 and gave the stock a "neutral" rating in a research report on Monday, August 31st. Finally, Piper Sandler upped their price target on shares of GitLab from $28.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, September 2nd. Seven research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $51.75.

GitLab Price Performance

Shares of GTLB opened at $49.23 on Monday. The business has a fifty day moving average of $40.63 and a 200 day moving average of $30.77. The company has a market cap of $8.20 billion, a PE ratio of -153.84 and a beta of 0.99. GitLab Inc. has a 52-week low of $18.73 and a 52-week high of $55.55.

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

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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