Pier Capital LLC Cuts Stake in GitLab Inc. $GTLB

Key Points

• Pier Capital LLC cut its stake in GitLab by 55.5% in Q3, selling 102,553 shares and ending the quarter with 82,317 shares worth about $3.71 million.
• GitLab beat the quarter with $0.30 EPS (vs. $0.23 est.) and $260.4M revenue (up 23.2% year-over-year), but remains unprofitable and analysts have trimmed price targets, leaving a consensus rating of Hold and a $39.62 target.
• There has been heavy insider and institutional activity—insiders sold 503,744 shares (~$18.6M) over the past three months, while institutional investors own about 95.04% of the stock.

Pier Capital LLC cut its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 55.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,317 shares of the company's stock after selling 102,553 shares during the period. Pier Capital LLC's holdings in GitLab were worth $3,711,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in GitLab during the 3rd quarter valued at about $2,029,000. Nordea Investment Management AB raised its stake in GitLab by 85.5% in the third quarter. Nordea Investment Management AB now owns 1,132,977 shares of the company's stock valued at $51,392,000 after buying an additional 522,075 shares during the last quarter. HMI Capital Management L.P. boosted its holdings in GitLab by 32.3% in the second quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company's stock worth $264,283,000 after acquiring an additional 1,430,151 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of GitLab by 740.7% during the third quarter. Penserra Capital Management LLC now owns 88,556 shares of the company's stock worth $3,991,000 after acquiring an additional 78,023 shares during the last quarter. Finally, iA Global Asset Management Inc. purchased a new stake in shares of GitLab during the third quarter worth about $6,406,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

GitLab Trading Down 1.5%

NASDAQ GTLB opened at $22.82 on Friday. GitLab Inc. has a twelve month low of $22.66 and a twelve month high of $54.08. The stock has a 50-day moving average of $31.24 and a 200 day moving average of $39.87. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of -65.20 and a beta of 0.79.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.79%. The company had revenue of $260.40 million during the quarter, compared to analyst estimates of $252.31 million. During the same quarter in the previous year, the firm earned $0.33 EPS. The firm's revenue was up 23.2% compared to the same quarter last year. Equities analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on GTLB shares. UBS Group lowered their target price on shares of GitLab from $51.00 to $44.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Morgan Stanley dropped their price objective on shares of GitLab from $38.00 to $29.00 and set a "cautious" rating on the stock in a report on Monday. Wolfe Research reaffirmed an "outperform" rating and set a $50.00 price target on shares of GitLab in a research report on Wednesday, December 3rd. Rosenblatt Securities reduced their price objective on GitLab from $55.00 to $43.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Finally, Macquarie Infrastructure lowered shares of GitLab from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $70.00 to $40.00 in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $39.62.

Insider Buying and Selling at GitLab

In related news, CAO Simon Mundy sold 2,756 shares of the business's stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $38.42, for a total transaction of $105,885.52. Following the transaction, the chief accounting officer directly owned 47,184 shares in the company, valued at approximately $1,812,809.28. The trade was a 5.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Sytse Sijbrandij sold 54,300 shares of the company's stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $28.41, for a total value of $1,542,663.00. The SEC filing for this sale provides additional information. Insiders sold 503,744 shares of company stock worth $18,590,495 over the last three months. 16.37% of the stock is owned by corporate insiders.

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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