State Street Corp Raises Holdings in GitLab Inc. $GTLB

Key Points

• State Street increased its GitLab stake by 3.2% in the second quarter, bringing its holdings to 2.63 million shares valued at approximately $80.4 million. Institutional investors own 95.04% of GitLab’s outstanding stock.
• GitLab exceeded quarterly expectations, reporting $0.24 in adjusted EPS versus the $0.18 consensus estimate and revenue of $286.25 million, up 21.3% year over year.
• Analyst sentiment remains mixed: price targets were raised by several firms, but coverage still reflects a consensus “Hold” rating with an average target of $51.75, compared with shares trading at $48.62.

State Street Corp raised its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,632,173 shares of the company's stock after acquiring an additional 81,807 shares during the period. State Street Corp owned 1.58% of GitLab worth $80,351,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Huntington National Bank boosted its position in GitLab by 118.9% during the 4th quarter. Huntington National Bank now owns 320,660 shares of the company's stock valued at $12,034,000 after purchasing an additional 174,200 shares during the period. Bank of America Corp DE grew its stake in GitLab by 55.3% during the 1st quarter. Bank of America Corp DE now owns 1,955,648 shares of the company's stock worth $42,320,000 after buying an additional 696,096 shares during the last quarter. California State Teachers Retirement System increased its position in GitLab by 21.7% in the first quarter. California State Teachers Retirement System now owns 154,699 shares of the company's stock worth $3,348,000 after buying an additional 27,624 shares during the period. First Trust Advisors LP increased its position in GitLab by 19.7% in the first quarter. First Trust Advisors LP now owns 1,893,926 shares of the company's stock worth $40,985,000 after buying an additional 312,312 shares during the period. Finally, Militia Capital Management LLC bought a new stake in GitLab in the first quarter valued at $1,480,000. 95.04% of the stock is owned by institutional investors.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $48.62 on Friday. The stock has a fifty day moving average price of $41.94 and a two-hundred day moving average price of $31.44. The firm has a market cap of $8.10 billion, a P/E ratio of -151.93 and a beta of 0.99. GitLab Inc. has a 1 year low of $18.73 and a 1 year high of $55.55.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.06. The company had revenue of $286.25 million for the quarter, compared to the consensus estimate of $273.13 million. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%.The company's quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 EPS. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. On average, research analysts predict that GitLab Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GitLab news, CAO Simon Mundy sold 8,725 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $38.00, for a total value of $331,550.00. Following the completion of the sale, the chief accounting officer directly owned 105,332 shares of the company's stock, valued at approximately $4,002,616. This represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.64% of the company's stock.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of analyst reports. Sanford C. Bernstein reissued an "outperform" rating on shares of GitLab in a research note on Wednesday, September 2nd. Canaccord Genuity Group raised their target price on GitLab from $40.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, September 2nd. Barclays lifted their target price on GitLab from $25.00 to $47.00 and gave the company an "underweight" rating in a research note on Wednesday, September 2nd. Robert W. Baird boosted their price target on GitLab from $47.00 to $59.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 2nd. Finally, Guggenheim reissued a "neutral" rating on shares of GitLab in a research note on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $51.75.

GitLab 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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