Swiss National Bank Has $10.68 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Swiss National Bank reduced its position in shares of GitLab Inc. (NASDAQ:GTLB) by 6.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,300 shares of the company’s stock after selling 14,400 shares during the period. Swiss National Bank owned approximately 0.13% of GitLab worth $10,684,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Advisors Asset Management Inc. raised its stake in GitLab by 45.9% during the first quarter. Advisors Asset Management Inc. now owns 7,916 shares of the company’s stock worth $462,000 after acquiring an additional 2,492 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in GitLab by 188.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 194,417 shares of the company’s stock valued at $11,339,000 after purchasing an additional 126,917 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in GitLab in the first quarter valued at approximately $13,463,000. Tidal Investments LLC bought a new stake in shares of GitLab during the first quarter worth $922,000. Finally, Comerica Bank increased its holdings in shares of GitLab by 2,076.2% during the first quarter. Comerica Bank now owns 66,373 shares of the company’s stock worth $3,871,000 after buying an additional 63,323 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by insiders.

GitLab Stock Up 2.8 %

GitLab stock opened at $66.62 on Monday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The company’s 50 day moving average price is $55.32 and its two-hundred day moving average price is $51.55. The stock has a market cap of $10.69 billion, a P/E ratio of -28.47 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the company posted ($0.29) earnings per share. On average, equities analysts anticipate that GitLab Inc. will post -0.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GTLB. Royal Bank of Canada boosted their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Needham & Company LLC raised GitLab from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, October 21st. Scotiabank raised their price objective on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Bank of America boosted their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Morgan Stanley initiated coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus price target of $66.67.

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.