GitLab Inc. (NASDAQ:GTLB) Shares Acquired by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in GitLab Inc. (NASDAQ:GTLB) by 6.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 624,803 shares of the company’s stock after buying an additional 40,164 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in GitLab were worth $32,202,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GTLB. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab in the 3rd quarter valued at about $52,000. Rakuten Securities Inc. lifted its holdings in shares of GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the period. Quarry LP increased its stake in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in shares of GitLab in the 3rd quarter valued at about $96,000. Finally, Canton Hathaway LLC increased its stake in shares of GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after purchasing an additional 435 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Barclays lifted their price target on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Scotiabank lifted their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday. KeyCorp lifted their price target on GitLab from $62.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. DA Davidson restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. Finally, Morgan Stanley began coverage on GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target for the company. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $67.58.

Insiders Place Their Bets

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total value of $193,082.50. Following the transaction, the director now owns 137,983 shares of the company’s stock, valued at $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock worth $10,569,356 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

GitLab Stock Performance

GTLB opened at $66.56 on Thursday. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The stock has a market capitalization of $10.68 billion, a PE ratio of -28.44 and a beta of 0.54. The business’s 50 day moving average price is $57.31 and its 200 day moving average price is $52.12.

GitLab (NASDAQ:GTLB) last released 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. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the firm earned ($0.29) earnings per share. The firm’s revenue was up 30.8% compared to the same quarter last year. As a group, equities research analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

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.