BNP Paribas Makes New Investment in GitLab Inc. (NASDAQ:GTLB)

BNP Paribas bought a new position in GitLab Inc. (NASDAQ:GTLB) in the 3rd quarter, Holdings Channel.com reports. The fund bought 7,460 shares of the company’s stock, valued at approximately $384,000.

Several other large investors also recently added to or reduced their stakes in the business. Fiera Capital Corp grew its position in GitLab by 1.4% in the third 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 in the last quarter. Renaissance Technologies LLC grew its position in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares in the last quarter. Primecap Management Co. CA grew its position in GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after acquiring an additional 603,200 shares in the last quarter. DNB Asset Management AS bought a new stake in GitLab in the second quarter worth approximately $37,851,000. Finally, Charles Schwab Investment Management Inc. grew its position in GitLab by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock worth $38,728,000 after acquiring an additional 57,381 shares in the last quarter. 91.72% of the stock is owned by institutional investors.

GitLab Stock Performance

GTLB opened at $63.80 on Thursday. The firm’s 50-day simple moving average is $56.14 and its 200-day simple moving average is $51.82. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a market cap of $10.24 billion, a price-to-earnings ratio of -27.26 and a beta of 0.45.

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

Insiders Place Their Bets

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock valued at $10,569,356 in the last 90 days. 21.36% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GTLB. Royal Bank of Canada boosted their price objective on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded shares of 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. BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, UBS Group boosted their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.17.

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.