Swiss National Bank Sells 14,400 Shares of GitLab Inc. (NASDAQ:GTLB)

Swiss National Bank lowered its position in GitLab Inc. (NASDAQ:GTLB) by 6.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 207,300 shares of the company’s stock after selling 14,400 shares during the quarter. Swiss National Bank’s holdings in GitLab were worth $10,684,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Fiera Capital Corp lifted its position in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares during the last quarter. Primecap Management Co. CA grew its position in GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after acquiring an additional 603,200 shares in the last quarter. DNB Asset Management AS purchased a new position in GitLab in the second quarter worth $37,851,000. Finally, Stephens Investment Management Group LLC increased its stake in GitLab by 11.2% in the third quarter. Stephens Investment Management Group LLC now owns 724,265 shares of the company’s stock valued at $37,329,000 after acquiring an additional 72,925 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Buying and Selling at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GTLB shares. Barclays lifted their price target on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Royal Bank of Canada boosted their target price on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Monday, October 21st. DA Davidson restated a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. Finally, Scotiabank upped their price objective on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $66.67.

GitLab Stock Up 2.8 %

NASDAQ:GTLB opened at $66.62 on Monday. The firm’s fifty day simple moving average is $55.32 and its 200 day simple moving average is $51.55. The stock has a market cap of $10.69 billion, a P/E ratio of -28.47 and a beta of 0.45. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the previous year, the firm posted ($0.29) EPS. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. On average, analysts expect that GitLab Inc. will post -0.41 EPS for the current fiscal year.

About GitLab

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.