Envestnet Asset Management Inc. Buys 17,421 Shares of GitLab Inc. $GTLB

by · The Cerbat Gem

Envestnet Asset Management Inc. lifted its position in GitLab Inc. (NASDAQ:GTLB – Free Report) by 5.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 325,170 shares of the company’s stock after purchasing an additional 17,421 shares during the quarter. Envestnet Asset Management Inc.’s holdings in GitLab were worth $14,668,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its position in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock valued at $25,000 after buying an additional 334 shares in the last quarter. Twin Tree Management LP bought a new position in shares of GitLab in the first quarter valued at approximately $29,000. Harbour Investments Inc. boosted its holdings in shares of GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock worth $42,000 after acquiring an additional 734 shares in the last quarter. GAMMA Investing LLC grew its position in GitLab by 114.2% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after acquiring an additional 490 shares during the last quarter. Finally, Byrne Asset Management LLC acquired a new stake in GitLab during the 2nd quarter valued at $61,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 63,587 shares of the business’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the completion of the transaction, the director directly owned 820 shares in the company, valued at approximately $41,131.20. The trade was a 98.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $44.29, for a total value of $4,809,894.00. The SEC filing for this sale provides additional information. Insiders sold 1,224,362 shares of company stock valued at $59,828,897 in the last three months. 16.37% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Canaccord Genuity Group reduced their price objective on GitLab from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, September 4th. DA Davidson cut their price target on GitLab from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Thursday, September 4th. Wells Fargo & Company assumed coverage on shares of GitLab in a report on Tuesday, September 30th. They set an “equal weight” rating and a $50.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of GitLab in a research report on Thursday, September 4th. Finally, Truist Financial reduced their target price on shares of GitLab from $75.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.83.

View Our Latest Report on GTLB

GitLab Price Performance

GTLB opened at $45.56 on Friday. The firm has a 50 day simple moving average of $47.49 and a 200 day simple moving average of $46.17. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The company has a market cap of $7.59 billion, a price-to-earnings ratio of -1,139.00 and a beta of 0.74.

GitLab (NASDAQ:GTLB – Get Free Report) last released its earnings results on Wednesday, September 3rd. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). The business had revenue of $236.00 million for the quarter, compared to analyst estimates of $227.20 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.GitLab’s revenue was up 29.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. GitLab has set its FY 2026 guidance at 0.820-0.830 EPS. Q3 2026 guidance at 0.190-0.200 EPS. As a group, analysts expect that GitLab Inc. will post -0.31 EPS for the current year.

GitLab Company Profile

(Free Report)

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.

Further Reading

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