Technology Crossover Management X Ltd. Has $72.14 Million Stock Position in GitLab Inc. $GTLB

Key Points

• Technology Crossover Management X Ltd. sharply increased its GitLab stake by 491.4% in the fourth quarter, ending with 1.92 million shares worth about $72.1 million. GitLab became the fund’s fourth-largest holding and represented 7.2% of its portfolio.
• Several insiders sold shares, including Director Matthew Jacobson and Director Sytse Sijbrandij, with total insider selling over the last three months reaching 1.39 million shares valued at $31.7 million. Despite that, insiders still own 10.64% of the company.
• GitLab shares were down 4.0% to $25.62, even after the company beat quarterly EPS and revenue estimates in its latest report. Analysts remain cautious overall, with a consensus rating of Hold and an average target price of $37.08.

Technology Crossover Management X Ltd. lifted its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 491.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,922,114 shares of the company's stock after acquiring an additional 1,597,114 shares during the quarter. GitLab accounts for 7.2% of Technology Crossover Management X Ltd.'s portfolio, making the stock its 4th largest holding. Technology Crossover Management X Ltd. owned 1.14% of GitLab worth $72,137,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Allworth Financial LP boosted its stake in shares of GitLab by 124.1% during the 3rd quarter. Allworth Financial LP now owns 558 shares of the company's stock worth $25,000 after acquiring an additional 309 shares in the last quarter. Quarry LP bought a new stake in shares of GitLab during the 3rd quarter worth $31,000. Lodestone Wealth Management LLC bought a new stake in shares of GitLab during the 4th quarter worth $36,000. Larson Financial Group LLC boosted its stake in shares of GitLab by 92.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,000 shares of the company's stock worth $45,000 after acquiring an additional 481 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of GitLab during the 3rd quarter worth $48,000. 95.04% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Matthew Jacobson sold 459,799 shares of GitLab 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 accessible through this hyperlink. Also, Director Sytse Sijbrandij sold 116,200 shares of GitLab stock in a transaction on Monday, May 18th. The shares were sold at an average price of $24.85, for a total value of $2,887,570.00. Following the sale, the director directly owned 15,018,251 shares of the company's stock, valued at approximately $373,203,537.35. The trade was a 0.77% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,392,308 shares of company stock valued at $31,654,249. Insiders own 10.64% of the company's stock.

GitLab Trading Down 4.0%

GTLB opened at $25.62 on Friday. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of -73.20 and a beta of 0.82. GitLab Inc. has a 1 year low of $18.73 and a 1 year high of $52.38. The stock has a fifty day moving average price of $22.51 and a 200 day moving average price of $31.33.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GTLB. BTIG Research decreased their target price on GitLab from $32.00 to $30.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. William Blair reaffirmed an "underperform" rating on shares of GitLab in a research report on Monday, March 23rd. UBS Group cut GitLab from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $44.00 to $24.00 in a research report on Thursday, April 16th. Zacks Research cut GitLab from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 2nd. Finally, Piper Sandler cut GitLab from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $55.00 to $28.00 in a research report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eighteen have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $37.08.

GitLab 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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