Pictet Asset Management Holding SA Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Pictet Asset Management Holding SA increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 77.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,921,908 shares of the company’s stock after buying an additional 836,114 shares during the period. Pictet Asset Management Holding SA’s holdings in GitLab were worth $108,300,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. M&T Bank Corp boosted its position in GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after purchasing an additional 281 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock worth $128,000 after purchasing an additional 328 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its position in shares of GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Stock Down 3.6 %

GitLab stock opened at $48.38 on Friday. The business’s 50-day moving average price is $61.70 and its 200 day moving average price is $59.16. The firm has a market cap of $7.85 billion, a price-to-earnings ratio of -151.19 and a beta of 0.67. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GTLB shares. Truist Financial reiterated a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Mizuho dropped their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. KeyCorp increased their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird dropped their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.52.

Insider Transactions at GitLab

In other GitLab news, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the sale, the director now directly owns 128,233 shares of the company’s stock, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 349,216 shares of company stock valued at $19,841,492 in the last 90 days. 21.36% of the stock is currently owned by company insiders.

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.