Northern Trust Corp Acquires 11,342 Shares of GitLab Inc. $GTLB

Key Points

• Northern Trust Corp has increased its holdings in GitLab Inc. by 1.7%, owning approximately 661,711 shares valued at around $31.1 million as per its latest SEC filing.
• Multiple institutional investors have significantly increased their stakes in GitLab, with 95.04% of the stock currently owned by hedge funds and other institutional investors.
• GitLab reported earnings per share of $0.17 for the last quarter, beating expectations and marking a revenue increase of 26.8% year-over-year.

Northern Trust Corp boosted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 661,711 shares of the company's stock after acquiring an additional 11,342 shares during the period. Northern Trust Corp owned 0.41% of GitLab worth $31,100,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of GTLB. Ameriprise Financial Inc. lifted its holdings in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. ARK Investment Management LLC increased its position in shares of GitLab by 109.1% during the first quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock valued at $114,038,000 after acquiring an additional 1,265,830 shares during the last quarter. Nikko Asset Management Americas Inc. increased its position in shares of GitLab by 175.1% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,396,613 shares of the company's stock valued at $65,529,000 after acquiring an additional 888,900 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of GitLab by 161.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,326,067 shares of the company's stock valued at $62,325,000 after acquiring an additional 818,354 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of GitLab by 1,901.4% during the first quarter. American Century Companies Inc. now owns 775,225 shares of the company's stock valued at $36,436,000 after acquiring an additional 736,491 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Mizuho decreased their price target on GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, June 11th. Raymond James Financial decreased their price target on GitLab from $80.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, June 11th. Needham & Company LLC decreased their price target on GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. JPMorgan Chase & Co. decreased their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Finally, UBS Group decreased their price target on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Twenty investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $62.83.

Insider Activity

In other news, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction 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 owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 464,950 shares of company stock worth $20,025,356. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Performance

NASDAQ:GTLB traded down $0.33 during trading hours on Tuesday, reaching $47.69. The stock had a trading volume of 5,801,145 shares, compared to its average volume of 3,574,447. The stock has a 50 day simple moving average of $44.61 and a 200 day simple moving average of $47.70. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a market cap of $7.88 billion, a P/E ratio of 476.90 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%.The firm's quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 earnings per share. GitLab has set its FY 2026 guidance at 0.740-0.750 EPS. Q2 2026 guidance at 0.160-0.17 EPS. On average, equities analysts expect that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

About GitLab

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.