Pictet Asset Management Holding SA Sells 1,647,179 Shares of GitLab Inc. $GTLB

Key Points

• Pictet Asset Management sharply cut its GitLab stake in the first quarter, selling 1,647,179 shares and reducing its holdings by 98.7% to just 22,152 shares worth about $479,000.
• GitLab reported better-than-expected quarterly results, with EPS of $0.23 versus the $0.20 estimate and revenue of $264.16 million, up 23.2% year over year.
• Despite the earnings beat, Wall Street remains cautious: analysts currently have a Hold consensus on GitLab, with an average price target of $36.96, while insiders have also been selling shares recently.

Pictet Asset Management Holding SA lessened its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 98.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,152 shares of the company's stock after selling 1,647,179 shares during the period. Pictet Asset Management Holding SA's holdings in GitLab were worth $479,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTLB. Goldman Sachs Group Inc. grew its stake in shares of GitLab by 1.6% in 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 period. Woodline Partners LP acquired a new position in shares of GitLab in the 1st quarter worth approximately $314,000. Russell Investments Group Ltd. lifted 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 worth $321,000 after buying an additional 1,709 shares during the period. California Public Employees Retirement System lifted 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 worth $7,573,000 after buying an additional 24,448 shares during the period. Finally, State Street Corp boosted its stake in GitLab by 7.0% in the 2nd quarter. State Street Corp now owns 2,283,597 shares of the company's stock valued at $103,013,000 after buying an additional 148,713 shares in the last quarter. Institutional investors own 95.04% of the company's stock.

GitLab Stock Performance

GitLab stock opened at $32.42 on Friday. The business's fifty day moving average is $28.13 and its two-hundred day moving average is $28.28. The firm has a market cap of $5.48 billion, a P/E ratio of -202.62 and a beta of 0.96. GitLab Inc. has a 52 week low of $18.73 and a 52 week high of $52.38.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, June 2nd. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.03. The business had revenue of $264.16 million during the quarter, compared to analysts' expectations of $254.23 million. GitLab had a positive return on equity of 0.31% and a negative net margin of 2.49%.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 business posted $0.17 earnings per share. GitLab has set its Q2 2027 guidance at 0.170-0.180 EPS. On average, equities research analysts predict that GitLab Inc. will post -0.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on GTLB shares. Bank of America reiterated a "neutral" rating on shares of GitLab in a research report on Wednesday, June 3rd. Truist Financial boosted their target price on shares of GitLab from $25.00 to $30.00 and gave the company a "hold" rating in a research note on Thursday. TD Cowen reaffirmed a "hold" rating and issued a $29.00 target price on shares of GitLab in a report on Wednesday, June 3rd. Rosenblatt Securities reiterated a "buy" rating and set a $43.00 target price on shares of GitLab in a research report on Monday, June 1st. Finally, Morgan Stanley lifted their price target on shares of GitLab from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Wednesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, GitLab presently has a consensus rating of "Hold" and an average price target of $36.96.

Insiders Place Their Bets

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of the firm's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $28.44, for a total value of $3,304,728.00. Following the completion of the sale, the director owned 14,902,051 shares in the company, valued at approximately $423,814,330.44. This trade represents a 0.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 348,600 shares of company stock valued at $8,605,772. Company insiders own 10.64% of the company's stock.

About GitLab

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.

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