Wellington Management Group LLP Invests $10.05 Million in GitLab Inc. $GTLB

Key Points

• Wellington Management purchased 329,077 GitLab shares worth approximately $10.05 million, while institutional investors collectively own 95.04% of the company.
• Analysts raised their price targets following GitLab’s latest results, but ratings remain mixed; the consensus rating is Hold with an average target of $51.75.
• GitLab beat quarterly estimates with adjusted EPS of $0.24 versus $0.18 expected and revenue of $286.25 million, up 21.3% year over year, although the company remains unprofitable on a net-margin basis.

Wellington Management Group LLP bought a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 329,077 shares of the company's stock, valued at approximately $10,047,000. Wellington Management Group LLP owned 0.19% of GitLab as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Huntington National Bank grew its holdings in GitLab by 118.9% during the fourth quarter. Huntington National Bank now owns 320,660 shares of the company's stock worth $12,034,000 after acquiring an additional 174,200 shares during the period. ABN Amro Investment Solutions purchased a new stake in GitLab in the 4th quarter worth approximately $2,420,000. Bank of America Corp DE grew its stake in shares of 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 purchasing an additional 696,096 shares during the period. California State Teachers Retirement System increased its holdings in shares of GitLab by 21.7% during the 1st quarter. California State Teachers Retirement System now owns 154,699 shares of the company's stock valued at $3,348,000 after purchasing an additional 27,624 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of GitLab by 19.7% in the 1st quarter. First Trust Advisors LP now owns 1,893,926 shares of the company's stock valued at $40,985,000 after purchasing an additional 312,312 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GTLB shares. Royal Bank Of Canada raised their target price on GitLab from $46.00 to $60.00 and gave the company a "sector perform" rating in a research report on Wednesday, September 2nd. Cantor Fitzgerald raised their price objective on GitLab from $35.00 to $50.00 and gave the company a "neutral" rating in a report on Monday, August 31st. DA Davidson upped their target price on GitLab from $45.00 to $55.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 2nd. Mizuho increased their target price on GitLab from $34.00 to $47.00 and gave the company a "neutral" rating in a research report on Wednesday, September 2nd. Finally, Piper Sandler upped their price target on shares of GitLab from $28.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. Seven research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $51.75.

GitLab Stock Performance

GitLab stock opened at $47.15 on Wednesday. The company's 50 day simple moving average is $38.07 and its 200-day simple moving average is $29.53. GitLab Inc. has a 1 year low of $18.73 and a 1 year high of $55.55. The company has a market capitalization of $7.96 billion, a price-to-earnings ratio of -147.34 and a beta of 0.99.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.06. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The firm had revenue of $286.25 million during the quarter, compared to the consensus estimate of $273.13 million. During the same quarter last year, the firm earned $0.24 EPS. The firm's revenue for the quarter was up 21.3% on a year-over-year basis. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. Equities analysts expect that GitLab Inc. will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Simon Mundy sold 8,725 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $38.00, for a total value of $331,550.00. Following the sale, the chief accounting officer directly owned 105,332 shares in the company, valued at approximately $4,002,616. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sytse Sijbrandij sold 116,200 shares of the business's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $28.44, for a total value of $3,304,728.00. Following the transaction, the director directly owned 14,902,051 shares of the company's stock, valued at $423,814,330.44. The trade was a 0.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.64% of the stock is currently owned by corporate insiders.

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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