BNP Paribas Makes New $384,000 Investment in GitLab Inc. (NASDAQ:GTLB)

BNP Paribas purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 7,460 shares of the company’s stock, valued at approximately $384,000.

A number of other large investors also recently bought and sold shares of GTLB. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the 3rd quarter valued at $52,000. Rakuten Securities Inc. raised its stake 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 acquiring an additional 1,032 shares during the period. Quarry LP raised 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 acquiring an additional 1,502 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of GitLab in the 3rd quarter valued at $96,000. Finally, Canton Hathaway LLC raised 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 acquiring an additional 435 shares during the period. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on 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 filing with the SEC, which is available through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. 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 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the topic of several analyst reports. Bank of America lifted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Robert W. Baird lifted their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. DA Davidson reissued a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. KeyCorp raised their price objective on shares of GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, UBS Group raised their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three 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, the company currently has an average rating of “Moderate Buy” and an average target price of $67.17.

GitLab Price Performance

GitLab stock 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. The company has a market cap of $10.24 billion, a P/E ratio of -27.26 and a beta of 0.45. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last released 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. The business had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.29) earnings per share. On average, analysts expect that GitLab Inc. will post -0.41 EPS for the current fiscal year.

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.