Huntington National Bank Increases Holdings in GitLab Inc. $GTLB

Huntington National Bank grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 118.9% in the 4th quarter, HoldingsChannel reports. The firm owned 320,660 shares of the company’s stock after acquiring an additional 174,200 shares during the quarter. Huntington National Bank’s holdings in GitLab were worth $12,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in GTLB. 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 valued at $36,496,000 after purchasing an additional 12,200 shares during the last quarter. Woodline Partners LP purchased a new stake in shares of GitLab during the 1st quarter valued at $314,000. Russell Investments Group Ltd. increased its position in shares of GitLab by 31.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,112 shares of the company’s stock valued at $321,000 after purchasing an additional 1,709 shares during the last quarter. California Public Employees Retirement System increased its position in shares of GitLab by 17.0% during the 2nd quarter. California Public Employees Retirement System now owns 167,870 shares of the company’s stock valued at $7,573,000 after purchasing an additional 24,448 shares during the last quarter. Finally, State Street Corp increased its position in shares of GitLab by 7.0% during the 2nd quarter. State Street Corp now owns 2,283,597 shares of the company’s stock valued at $103,013,000 after purchasing an additional 148,713 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GTLB shares. Morgan Stanley decreased their target price on GitLab from $38.00 to $29.00 and set a “cautious” rating for the company in a research report on Monday, March 9th. Rosenblatt Securities decreased their price objective on GitLab from $55.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Wells Fargo & Company decreased their price objective on GitLab from $45.00 to $26.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. Bank of America lowered GitLab from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $58.00 to $27.00 in a report on Wednesday, April 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $32.00 price objective on shares of GitLab in a report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eighteen have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.08.

GitLab Stock Up 5.3%

Shares of NASDAQ GTLB opened at $27.93 on Friday. GitLab Inc. has a 52 week low of $18.73 and a 52 week high of $52.38. The business has a 50-day simple moving average of $22.92 and a two-hundred day simple moving average of $30.63. The company has a market cap of $4.75 billion, a P/E ratio of -79.80 and a beta of 0.82.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. GitLab had a negative return on equity of 1.73% and a negative net margin of 5.86%.The business had revenue of $260.40 million during the quarter, compared to the consensus estimate of $252.31 million. During the same quarter last year, the company earned $0.33 EPS. The firm’s revenue was up 23.2% compared to the same quarter last year. Equities research analysts anticipate that GitLab Inc. will post -0.33 EPS for the current year.

Insider Activity

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $24.85, for a total value of $2,887,570.00. Following the completion of the transaction, the director owned 15,018,251 shares in the company, valued at $373,203,537.35. This trade represents a 0.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 700,109 shares of the firm’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $22.95, for a total value of $16,067,501.55. Following the completion of the transaction, the director owned 325 shares of the company’s stock, valued at approximately $7,458.75. This represents a 99.95% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,392,308 shares of company stock valued at $31,654,249. 10.64% of the stock is 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.