Banque Pictet & Cie SA Makes New $314,000 Investment in GitLab Inc. (NASDAQ:GTLB)

Banque Pictet & Cie SA acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,681 shares of the company's stock, valued at approximately $314,000.

Other large investors have also modified their holdings of the company. M&T Bank Corp grew its stake in shares of GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock worth $280,000 after purchasing an additional 148 shares in the last quarter. OneDigital Investment Advisors LLC grew its stake in shares of GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after purchasing an additional 166 shares in the last quarter. Utah Retirement Systems grew its stake in shares of GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock worth $372,000 after purchasing an additional 200 shares in the last quarter. Mariner LLC grew its stake in shares of GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company's stock worth $709,000 after purchasing an additional 214 shares in the last quarter. Finally, True Wealth Design LLC grew its stake in shares of GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock worth $73,000 after purchasing an additional 216 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analyst Ratings Changes

GTLB has been the subject of a number of analyst reports. UBS Group lowered their target price on shares of GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. BTIG Research decreased their price objective on shares of GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Macquarie restated an "outperform" rating and issued a $75.00 price objective on shares of GitLab in a research note on Wednesday, June 25th. KeyCorp decreased their price objective on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research note on Wednesday, June 11th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average target price of $63.59.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Friday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director owned 110,389 shares of the company's stock, valued at $4,967,505. This trade represents a 2.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 509,950 shares of company stock worth $23,238,267. 16.37% of the stock is owned by corporate insiders.

GitLab Trading Up 1.3%

NASDAQ:GTLB traded up $0.54 on Monday, reaching $42.57. The stock had a trading volume of 3,744,711 shares, compared to its average volume of 2,869,409. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a 50-day moving average of $46.35 and a 200 day moving average of $52.83. The stock has a market cap of $7.03 billion, a P/E ratio of 425.70 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. The firm had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. GitLab's revenue was up 26.8% on a year-over-year basis. During the same quarter last year, the company posted $0.03 earnings per share. On average, equities analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

GitLab Profile

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.