Union Bancaire Privee UBP SA Purchases 30,548 Shares of GitLab Inc. (NASDAQ:GTLB)

Union Bancaire Privee UBP SA boosted its position in GitLab Inc. (NASDAQ:GTLB) by 46.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 96,854 shares of the company’s stock after buying an additional 30,548 shares during the quarter. Union Bancaire Privee UBP SA owned approximately 0.06% of GitLab worth $4,471,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank bought a new stake in GitLab during the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership grew its holdings in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. increased its position in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. increased its position in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 shares during the period. Institutional investors own 95.04% of the company’s stock.

Insider Buying and Selling at GitLab

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer now directly owns 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is currently owned by insiders.

GitLab Stock Down 10.6%

Shares of GitLab stock opened at $43.37 on Thursday. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a market capitalization of $7.11 billion, a P/E ratio of -135.53 and a beta of 0.75. The company has a 50-day simple moving average of $46.42 and a 200 day simple moving average of $55.73.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same quarter last year, the business posted $0.03 earnings per share. The company’s revenue was up 26.8% on a year-over-year basis. On average, equities analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GTLB. KeyCorp reduced their price objective on GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Robert W. Baird dropped their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Needham & Company LLC decreased their target price on GitLab from $85.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday. Scotiabank cut their price target on GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a report on Friday, June 6th. Finally, Barclays reduced their price objective on GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $63.68.

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.