Thrivent Financial for Lutherans Decreases Holdings in GitLab Inc. $GTLB

Key Points

• Thrivent Financial for Lutherans cut its GitLab stake by 48.9% in the fourth quarter, selling 140,782 shares and leaving it with 147,259 shares worth about $5.53 million.
• Several analysts have recently turned more cautious on GitLab, including UBS lowering the stock from buy to neutral and cutting its price target from $44 to $24. The consensus rating now stands at Hold.
• GitLab beat earnings and revenue estimates in its latest quarter, reporting $0.30 EPS on revenue of $260.4 million, but the stock was down about 4% and insiders have also been selling shares in recent months.

Thrivent Financial for Lutherans decreased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 48.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,259 shares of the company's stock after selling 140,782 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.09% of GitLab worth $5,527,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its stake in GitLab by 1.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 776,521 shares of the company's stock valued at $36,496,000 after buying an additional 12,200 shares in the last quarter. Woodline Partners LP acquired a new position in shares of GitLab during the first quarter valued at approximately $314,000. Russell Investments Group Ltd. lifted its position in shares of GitLab by 31.6% in the second quarter. Russell Investments Group Ltd. now owns 7,112 shares of the company's stock valued at $321,000 after acquiring an additional 1,709 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of GitLab by 17.0% in the second quarter. California Public Employees Retirement System now owns 167,870 shares of the company's stock worth $7,573,000 after acquiring an additional 24,448 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of GitLab by 7.0% in the second quarter. State Street Corp now owns 2,283,597 shares of the company's stock worth $103,013,000 after acquiring an additional 148,713 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Analyst Ratings Changes

GTLB has been the subject of several recent research reports. UBS Group downgraded GitLab from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $44.00 to $24.00 in a research note on Thursday, April 16th. BTIG Research reduced their target price on shares of GitLab from $32.00 to $30.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. Mizuho decreased their price target on shares of GitLab from $30.00 to $26.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 12th. Morgan Stanley lowered their price target on shares of GitLab from $38.00 to $29.00 and set a "cautious" rating on the stock in a research report on Monday, March 9th. Finally, Cantor Fitzgerald dropped their price objective on shares of GitLab from $30.00 to $27.00 and set a "neutral" rating for the company in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eighteen have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $37.08.

GitLab Stock Down 4.0%

Shares of NASDAQ:GTLB opened at $25.62 on Friday. GitLab Inc. has a 52-week low of $18.73 and a 52-week high of $52.38. The stock has a market cap of $4.36 billion, a P/E ratio of -73.20 and a beta of 0.82. The business has a fifty day moving average of $22.51 and a two-hundred day moving average of $31.33.

GitLab (NASDAQ:GTLB - Get Free Report) last posted 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 return on equity of 1.73% and a negative net margin of 5.86%.The business had revenue of $260.40 million for 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 company's quarterly revenue was up 23.2% compared to the same quarter last year. On average, equities analysts anticipate that GitLab Inc. will post -0.28 earnings per share for the current year.

Insider Transactions at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 15,018,251 shares in the company, valued at $373,203,537.35. The trade was a 0.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 700,109 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $22.95, for a total transaction of $16,067,501.55. Following the completion of the sale, the director directly owned 325 shares of the company's stock, valued at approximately $7,458.75. This trade represents a 99.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,392,308 shares of company stock worth $31,654,249 over the last ninety days. 10.64% of the stock is owned by insiders.

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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