Pier Capital LLC Trims Stake in GitLab Inc. $GTLB

Pier Capital LLC lessened its holdings in GitLab Inc. (NASDAQ:GTLB) by 55.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 82,317 shares of the company’s stock after selling 102,553 shares during the period. Pier Capital LLC’s holdings in GitLab were worth $3,711,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Goldman Sachs Group Inc. increased its position in shares of GitLab by 1.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 776,521 shares of the company’s stock worth $36,496,000 after purchasing an additional 12,200 shares during the last quarter. Woodline Partners LP purchased a new stake in GitLab in the 1st quarter valued at about $314,000. Bank of Montreal Can lifted its position in GitLab by 146.9% in the second quarter. Bank of Montreal Can now owns 27,823 shares of the company’s stock valued at $1,255,000 after buying an additional 16,552 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in GitLab by 6.2% during the second quarter. Bank of New York Mellon Corp now owns 678,598 shares of the company’s stock worth $30,612,000 after buying an additional 39,550 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in GitLab by 74.9% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 112,104 shares of the company’s stock worth $5,057,000 after buying an additional 48,000 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Performance

Shares of GTLB opened at $22.82 on Friday. The company’s 50-day simple moving average is $31.24 and its 200-day simple moving average is $39.87. GitLab Inc. has a 1 year low of $22.66 and a 1 year high of $54.08. The stock has a market capitalization of $3.84 billion, a PE ratio of -65.20 and a beta of 0.79.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, March 3rd. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.79%. The firm had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $252.31 million. During the same quarter in the previous year, the business posted $0.33 earnings per share. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. On average, sell-side analysts predict that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 54,300 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $38.95, for a total value of $2,114,985.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Shen sold 2,538 shares of the company’s stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $38.08, for a total value of $96,647.04. Following the sale, the chief financial officer directly owned 52,284 shares in the company, valued at $1,990,974.72. This represents a 4.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 503,744 shares of company stock worth $18,590,495. 16.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on GTLB. Zacks Research cut shares of GitLab from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Rosenblatt Securities lowered their price objective on shares of GitLab from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Cantor Fitzgerald reiterated a “neutral” rating on shares of GitLab in a report on Wednesday, March 4th. TD Cowen lowered GitLab from a “buy” rating to a “hold” rating and set a $29.00 target price on the stock. in a research report on Monday, March 2nd. Finally, Royal Bank Of Canada decreased their price target on GitLab from $40.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, GitLab has a consensus rating of “Hold” and an average target price of $39.62.

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.