GitLab Inc. $GTLB Shares Bought by CenterBook Partners LP

CenterBook Partners LP lifted its position in GitLab Inc. (NASDAQ:GTLB) by 747.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 69,417 shares of the company’s stock after buying an additional 61,228 shares during the period. CenterBook Partners LP’s holdings in GitLab were worth $3,280,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GTLB. Tsfg LLC acquired a new stake in GitLab during the 2nd quarter worth $31,000. Fifth Third Bancorp grew its stake in GitLab by 220.6% in the first quarter. Fifth Third Bancorp now owns 1,603 shares of the company’s stock valued at $35,000 after acquiring an additional 1,103 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in GitLab in the third quarter valued at about $35,000. Versant Capital Management Inc grew its stake in GitLab by 300.6% in the second quarter. Versant Capital Management Inc now owns 1,867 shares of the company’s stock valued at $57,000 after acquiring an additional 1,401 shares during the period. Finally, Summit Securities Group LLC increased its holdings in shares of GitLab by 409.9% in the first quarter. Summit Securities Group LLC now owns 3,000 shares of the company’s stock worth $65,000 after acquiring an additional 3,968 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Price Performance

Shares of GitLab stock opened at $48.09 on Friday. The firm has a market cap of $8.01 billion, a price-to-earnings ratio of -150.28 and a beta of 0.96. The stock’s 50-day moving average is $50.94 and its 200-day moving average is $34.57. GitLab Inc. has a one year low of $18.73 and a one year high of $58.01.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.06. The company had revenue of $286.25 million during the quarter, compared to analysts’ expectations of $273.13 million. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%. GitLab’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. 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, equities analysts expect that GitLab Inc. will post -0.29 EPS for the current year.

Insider Buying and Selling

In other news, Director Sytse Sijbrandij sold 980,710 shares of the firm’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $48.63, for a total transaction of $47,691,927.30. Following the completion of the transaction, the director directly owned 13,921,341 shares of the company’s stock, valued at $676,994,812.83. This trade represents a 6.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sivaprasad Padisetty sold 51,915 shares of the firm’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the transaction, the chief technology officer directly owned 377,211 shares of the company’s stock, valued at $17,268,719.58. This represents a 12.10% 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. In the last ninety days, insiders have sold 2,284,315 shares of company stock valued at $109,656,918. Insiders own 10.64% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the topic of a number of research analyst reports. BTIG Research raised their price target on GitLab from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Needham & Company LLC lifted their price target on shares of GitLab from $38.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Piper Sandler lifted their price target on shares of GitLab from $28.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. Canaccord Genuity Group upped their price target on shares of GitLab from $40.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Finally, Truist Financial reissued a “hold” rating and set a $48.00 price objective (up from $40.00) on shares of GitLab in a research report on Wednesday, September 2nd. Seven analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, GitLab presently has a consensus rating of “Hold” and an average target price of $52.33.

GitLab Profile

GitLab Inc develops an integrated DevSecOps platform that helps organizations plan, create, secure, deploy and monitor software. Its platform brings source code management, project planning, continuous integration and continuous delivery, application security, compliance, and observability capabilities into a single application.

GitLab’s products are designed to support software development teams throughout the application lifecycle. Key offerings include repositories and collaboration tools, automated testing and deployment, vulnerability management, security testing, infrastructure and portfolio management, and artificial intelligence features intended to assist developers and other technology professionals.

Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, GitLab operates as an all-remote company and serves organizations globally across a range of industries and sizes.