ICONIQ Capital LLC Sells 2,483,621 Shares of GitLab Inc. $GTLB

ICONIQ Capital LLC decreased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 62.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,494,735 shares of the company’s stock after selling 2,483,621 shares during the quarter. GitLab comprises approximately 0.8% of ICONIQ Capital LLC’s investment portfolio, making the stock its 16th largest holding. ICONIQ Capital LLC owned about 0.90% of GitLab worth $67,383,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of GTLB. Blue Trust Inc. lifted its position in shares of GitLab by 3.6% during 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 during the period. Summit Global Investments grew its holdings in GitLab by 2.2% in 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 increased its stake in GitLab by 20.1% in the third quarter. Jones Financial Companies Lllp now owns 2,139 shares of the company’s stock valued at $102,000 after purchasing an additional 358 shares in the last quarter. Prostatis Group LLC increased its stake in GitLab by 6.5% in 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 in the last quarter. Finally, Truist Financial Corp raised its holdings in shares of 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 period. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GTLB shares. Mizuho cut their price objective on shares of GitLab from $37.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 4th. Canaccord Genuity Group decreased their target price on GitLab from $70.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Truist Financial cut their price target on GitLab from $35.00 to $25.00 and set a “hold” rating on the stock in a report on Wednesday, March 4th. BTIG Research reduced their price objective on GitLab from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Finally, The Goldman Sachs Group decreased their price objective on GitLab from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, December 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, GitLab has a consensus rating of “Hold” and a consensus price target of $39.62.

GitLab Price Performance

Shares of GTLB stock opened at $22.69 on Monday. The firm has a 50-day moving average of $30.97 and a 200-day moving average of $39.63. GitLab Inc. has a one year low of $22.40 and a one year high of $54.08. The company has a market cap of $3.82 billion, a P/E ratio of -64.83 and a beta of 0.79.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, March 3rd. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The business had revenue of $260.40 million for 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 firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.33 earnings per share. As a group, research analysts expect that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Simon Mundy sold 2,756 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $38.42, for a total transaction of $105,885.52. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 334,827 shares of GitLab stock in a transaction on Friday, December 19th. The stock was sold at an average price of $38.08, for a total value of $12,750,212.16. The disclosure for this sale is available in the SEC filing. Insiders have sold 449,444 shares of company stock worth $16,475,510 over the last 90 days. 21.36% of the stock is currently 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.