Union Bancaire Privee UBP SA Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

Union Bancaire Privee UBP SA acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 66,306 shares of the company’s stock, valued at approximately $3,612,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its position in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after buying an additional 21,976 shares during the period. State Street Corp increased its stake in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares in the last quarter. Fiera Capital Corp raised its holdings in shares of GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after acquiring an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY increased its holdings in GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after purchasing an additional 4,874 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GTLB shares. Royal Bank of Canada upped their price target on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Morgan Stanley increased their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, DA Davidson raised their target price on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $76.62.

GitLab Trading Down 4.9 %

GTLB stock opened at $64.12 on Friday. The company’s 50 day moving average is $64.11 and its 200 day moving average is $57.76. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of -200.38 and a beta of 0.63. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $76.41.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at approximately $8,532,510. This represents a 7.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock valued at $44,710,867 in the last quarter. Corporate insiders own 21.36% of the company’s stock.

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.