Lord Abbett & CO. LLC Purchases 320,784 Shares of GitLab Inc. $GTLB

Key Points

• Lord Abbett & CO. LLC significantly increased its stake in GitLab Inc. by 100.9% in the first quarter, bringing its ownership to approximately 0.39% of the company, valued at $30 million.
• Other institutional investors, including Vanguard Group and ARK Investment Management, also expanded their positions in GitLab, indicating strong institutional interest in the stock.
• GitLab's stock is currently down 1.4%, with a market capitalization of $6.76 billion and a consensus price target of $62.63 among analysts.

Lord Abbett & CO. LLC increased its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 100.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 638,793 shares of the company's stock after acquiring an additional 320,784 shares during the period. Lord Abbett & CO. LLC owned about 0.39% of GitLab worth $30,024,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GTLB. OneDigital Investment Advisors LLC increased its stake in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after buying an additional 166 shares during the last quarter. Utah Retirement Systems grew its position in shares of GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after acquiring an additional 200 shares during the period. Mariner LLC grew its position in shares of GitLab by 1.7% during the 4th quarter. Mariner LLC now owns 12,583 shares of the company's stock valued at $709,000 after acquiring an additional 214 shares during the period. True Wealth Design LLC grew its position in shares of GitLab by 20.0% during the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after acquiring an additional 216 shares during the period. Finally, Graham Capital Management L.P. grew its position in shares of GitLab by 0.8% during the 4th quarter. Graham Capital Management L.P. now owns 30,806 shares of the company's stock valued at $1,736,000 after acquiring an additional 242 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the transaction, the director directly owned 551,997 shares in the company, valued at $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director owned 107,139 shares of the company's stock, valued at approximately $4,821,255. The trade was a 2.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 353,100 shares of company stock worth $14,974,730 over the last three months. 21.36% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of research reports. Morgan Stanley increased their target price on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Truist Financial reaffirmed a "buy" rating and issued a $75.00 price objective (down from $80.00) on shares of GitLab in a report on Wednesday, June 11th. Rosenblatt Securities assumed coverage on shares of GitLab in a report on Tuesday, July 15th. They issued a "buy" rating and a $58.00 price objective for the company. Mizuho cut their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Finally, Zacks Research raised shares of GitLab to a "strong sell" rating in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.63.

GitLab Stock Down 2.2%

GitLab stock traded down $1.0110 during trading hours on Tuesday, hitting $44.3390. The stock had a trading volume of 4,065,683 shares, compared to its average volume of 3,507,335. The stock's 50-day moving average price is $43.96 and its 200-day moving average price is $49.43. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a market capitalization of $7.32 billion, a P/E ratio of 442.49 and a beta of 0.73.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share 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 firm had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. During the same period in the previous year, the company earned $0.03 earnings per share. The firm's quarterly revenue 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. On average, research analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

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.