Pier Capital LLC Purchases 154,454 Shares of GitLab Inc. $GTLB

Key Points

• Pier Capital LLC boosted its position in GitLab by 187.6%, purchasing 154,454 shares to hold 236,771 shares total—about 0.14% of GitLab worth $8.89M—and GTLB now represents roughly 1.4% of Pier Capital’s portfolio (its 15th largest holding).
• Several analysts have cut ratings and price targets recently (including RBC, Rosenblatt, Barclays and Morgan Stanley), leaving an average MarketBeat rating of "Hold" and an average price target of $37.35.
• Insiders have been net sellers (1,330,408 shares sold, ~ $30.3M, in the last 90 days) even as institutional ownership remains very high at 95.04%.

Pier Capital LLC grew its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 187.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 236,771 shares of the company's stock after purchasing an additional 154,454 shares during the period. GitLab makes up approximately 1.4% of Pier Capital LLC's investment portfolio, making the stock its 15th largest holding. Pier Capital LLC owned 0.14% of GitLab worth $8,886,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of GitLab in the third quarter valued at about $2,029,000. Nordea Investment Management AB increased its position in shares of 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 acquiring an additional 522,075 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of GitLab in the third quarter valued at about $5,739,000. Penserra Capital Management LLC increased its position in shares of GitLab by 740.7% in the third quarter. Penserra Capital Management LLC now owns 88,556 shares of the company's stock valued at $3,991,000 after acquiring an additional 78,023 shares during the last quarter. Finally, Light Street Capital Management LLC increased its position in shares of GitLab by 79.2% in the third quarter. Light Street Capital Management LLC now owns 850,000 shares of the company's stock valued at $38,318,000 after acquiring an additional 375,585 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Royal Bank Of Canada downgraded GitLab from an "outperform" rating to a "sector perform" rating and lowered their price target for the stock from $33.00 to $25.00 in a research report on Monday, April 20th. Cantor Fitzgerald reissued a "neutral" rating on shares of GitLab in a research report on Wednesday, March 4th. Rosenblatt Securities lowered their price target on GitLab from $55.00 to $43.00 and set a "buy" rating on the stock in a research report on Wednesday, March 4th. Barclays lowered their price target on GitLab from $29.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, March 4th. Finally, Morgan Stanley lowered their price target on GitLab from $38.00 to $29.00 and set a "cautious" rating on the stock in a research report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $37.35.

GitLab Trading Up 6.7%

Shares of GTLB stock opened at $25.92 on Friday. The stock has a market cap of $4.41 billion, a P/E ratio of -74.06 and a beta of 0.82. The stock has a 50 day simple moving average of $22.71 and a 200 day simple moving average of $33.00. GitLab Inc. has a 1 year low of $18.73 and a 1 year high of $54.08.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.07. GitLab had a negative return on equity of 1.73% and a negative net margin of 5.86%.The business had revenue of $260.40 million during the quarter, compared to analysts' expectations of $252.31 million. During the same period in the previous year, the company posted $0.33 earnings per share. The firm's revenue for the quarter was up 23.2% compared to the same quarter last year. Analysts forecast that GitLab Inc. will post -0.28 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Matthew Jacobson sold 459,799 shares of the company's stock in a transaction on Friday, March 20th. The stock was sold at an average price of $22.37, for a total transaction of $10,285,703.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sytse Sijbrandij sold 116,200 shares of the company's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $20.77, for a total transaction of $2,413,474.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,330,408 shares of company stock valued at $30,309,342 over the last 90 days. Corporate insiders own 16.37% of the company's stock.

GitLab Company Profile

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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