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

Pictet Asset Management Holding SA increased its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 77.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,921,908 shares of the company's stock after buying an additional 836,114 shares during the quarter. Pictet Asset Management Holding SA owned about 1.18% of GitLab worth $108,300,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. M&T Bank Corp lifted its holdings in shares of 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 buying an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock valued at $116,000 after acquiring an additional 150 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company's stock worth $4,713,000 after purchasing an additional 281 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of GitLab by 17.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company's stock valued at $128,000 after purchasing an additional 328 shares during the period. Finally, Glenmede Trust Co. NA increased its position in shares of GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company's stock valued at $596,000 after purchasing an additional 334 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

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GitLab Trading Up 2.0 %

Shares of GTLB stock traded up $0.96 on Wednesday, reaching $48.61. 440,275 shares of the company's stock were exchanged, compared to its average volume of 2,421,991. The company's fifty day simple moving average is $61.03 and its 200 day simple moving average is $59.11. The stock has a market capitalization of $7.89 billion, a PE ratio of -151.89 and a beta of 0.67. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18.

Insider Buying and Selling

In related news, Director Susan L. Bostrom sold 40,000 shares of the company's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the sale, the director now directly owns 144,913 shares in the company, valued at $7,518,086.44. This represents a 21.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares in the company, valued at $25,832,616.36. This trade represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,216 shares of company stock valued at $18,716,292 in the last 90 days. Company insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several recent research reports. DA Davidson cut their target price on shares of GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Royal Bank of Canada reissued an "outperform" rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Barclays reduced their price objective on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a "buy" rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Truist Financial reduced their price target on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.09.

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.