Pictet Asset Management Holding SA Purchases 836,114 Shares of GitLab Inc. (NASDAQ:GTLB)

Pictet Asset Management Holding SA raised its position in shares of GitLab Inc. (NASDAQ:GTLB) by 77.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,921,908 shares of the company’s stock after purchasing an additional 836,114 shares during the quarter. Pictet Asset Management Holding SA owned 1.18% of GitLab worth $108,300,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in shares of GitLab by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock valued at $38,728,000 after acquiring an additional 57,381 shares in the last quarter. Cerity Partners LLC raised its position in shares of GitLab by 772.3% during the third quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock valued at $2,902,000 after buying an additional 49,852 shares during the last quarter. Bank of Montreal Can raised its position in shares of GitLab by 360.4% during the third quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock valued at $3,058,000 after buying an additional 46,343 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock valued at $1,514,000 after buying an additional 1,417 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of GitLab by 26.5% during the third quarter. BNP Paribas Financial Markets now owns 62,877 shares of the company’s stock worth $3,241,000 after acquiring an additional 13,169 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GTLB. Piper Sandler lifted their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Robert W. Baird dropped their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Canaccord Genuity Group raised their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Barclays decreased their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.52.

GitLab Trading Down 3.6 %

Shares of GTLB opened at $48.38 on Friday. The firm has a fifty day moving average price of $61.70 and a 200-day moving average price of $59.16. The firm has a market capitalization of $7.85 billion, a P/E ratio of -151.19 and a beta of 0.67. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18.

Insider Activity at GitLab

In other news, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, insider Robin Schulman sold 7,330 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $56.98, for a total value of $417,663.40. Following the completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at $6,945,463.14. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 349,216 shares of company stock worth $19,841,492 in the last 90 days. 21.36% of the stock is owned by corporate insiders.

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.