Light Street Capital Management LLC Buys 375,585 Shares of GitLab Inc. $GTLB

Light Street Capital Management LLC grew its stake in GitLab Inc. (NASDAQ:GTLB) by 79.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 850,000 shares of the company’s stock after acquiring an additional 375,585 shares during the period. GitLab accounts for approximately 6.4% of Light Street Capital Management LLC’s investment portfolio, making the stock its 5th biggest holding. Light Street Capital Management LLC’s holdings in GitLab were worth $38,318,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GTLB. Blue Trust Inc. boosted its holdings in shares of GitLab by 3.6% during the 3rd quarter. Blue Trust Inc. now owns 8,770 shares of the company’s stock worth $395,000 after buying an additional 302 shares during the period. Summit Global Investments raised its holdings in GitLab by 2.2% in the 2nd quarter. Summit Global Investments now owns 15,193 shares of the company’s stock valued at $685,000 after acquiring an additional 331 shares during the period. Jones Financial Companies Lllp lifted 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 acquiring an additional 358 shares during the last quarter. Prostatis Group LLC boosted its holdings in shares of GitLab by 6.5% during the third quarter. Prostatis Group LLC now owns 6,051 shares of the company’s stock worth $273,000 after acquiring an additional 368 shares during the period. Finally, Truist Financial Corp boosted 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 worth $1,103,000 after acquiring an additional 389 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling

In other news, Director Sytse Sijbrandij sold 54,300 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $28.41, for a total transaction of $1,542,663.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Shen sold 2,538 shares of the firm’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 completion of the transaction, the chief financial officer owned 52,284 shares in the company, valued at $1,990,974.72. The trade was a 4.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 448,721 shares of company stock valued at $16,448,036. Company insiders own 21.36% of the company’s stock.

GitLab Trading Down 0.5%

NASDAQ GTLB opened at $22.57 on Tuesday. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -64.49 and a beta of 0.79. The company has a 50 day moving average of $30.67 and a 200-day moving average of $39.44. GitLab Inc. has a 1-year low of $22.33 and a 1-year high of $54.08.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Mizuho lowered their target price on GitLab from $37.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 4th. The Goldman Sachs Group reduced their price target on GitLab from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, December 3rd. Morgan Stanley decreased their price objective on GitLab from $38.00 to $29.00 and set a “cautious” rating on the stock in a report on Monday, March 9th. Macquarie Infrastructure cut GitLab from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $70.00 to $40.00 in a research report on Wednesday, December 3rd. Finally, Rosenblatt Securities dropped their target price on GitLab from $55.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently 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.