First Trust Advisors LP Sells 359,875 Shares of GitLab Inc. $GTLB

First Trust Advisors LP lowered its stake in GitLab Inc. (NASDAQ:GTLB) by 20.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,403,308 shares of the company’s stock after selling 359,875 shares during the period. First Trust Advisors LP’s holdings in GitLab were worth $63,261,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Blue Trust Inc. raised its stake in shares of GitLab by 3.6% in the 3rd quarter. Blue Trust Inc. now owns 8,770 shares of the company’s stock valued at $395,000 after acquiring an additional 302 shares in the last quarter. Summit Global Investments boosted its position in GitLab by 2.2% during the second quarter. Summit Global Investments now owns 15,193 shares of the company’s stock worth $685,000 after purchasing an additional 331 shares during the period. Jones Financial Companies Lllp boosted its position in GitLab by 20.1% during the third quarter. Jones Financial Companies Lllp now owns 2,139 shares of the company’s stock worth $102,000 after purchasing an additional 358 shares during the period. Prostatis Group LLC grew its holdings in GitLab by 6.5% during the third quarter. Prostatis Group LLC now owns 6,051 shares of the company’s stock valued at $273,000 after purchasing an additional 368 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in GitLab by 1.6% during the third quarter. Truist Financial Corp now owns 24,473 shares of the company’s stock valued at $1,103,000 after purchasing an additional 389 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Insider Activity at GitLab

In related news, Director Sytse Sijbrandij sold 54,300 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $38.95, for a total transaction of $2,114,985.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Simon Mundy sold 2,756 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $38.42, for a total value of $105,885.52. Following the completion of the transaction, the chief accounting officer directly owned 47,184 shares of the company’s stock, valued at approximately $1,812,809.28. This trade represents a 5.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 503,744 shares of company stock worth $18,590,495 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of GitLab in a research note on Monday, December 22nd. Piper Sandler lowered shares of GitLab from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $55.00 to $28.00 in a research note on Wednesday, March 4th. Sanford C. Bernstein dropped their target price on shares of GitLab from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Morgan Stanley decreased their price target on shares of GitLab from $38.00 to $29.00 and set a “cautious” rating for the company in a report on Monday. Finally, The Goldman Sachs Group lowered their price target on GitLab from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $39.62.

GitLab Trading Down 5.7%

Shares of GitLab stock opened at $23.19 on Wednesday. GitLab Inc. has a 1 year low of $23.06 and a 1 year high of $54.61. The company’s fifty day simple moving average is $31.82 and its 200-day simple moving average is $40.10. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -66.26 and a beta of 0.79.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. The firm had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $252.31 million. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.79%. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS. As a group, research analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

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.