Norges Bank Invests $279.09 Million in GitLab Inc. (NASDAQ:GTLB)

Norges Bank purchased a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 4,952,784 shares of the company’s stock, valued at approximately $279,089,000. Norges Bank owned 3.05% of GitLab at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after acquiring an additional 885,955 shares during the period. Artisan Partners Limited Partnership raised its holdings in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. lifted its position in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after buying an additional 21,976 shares during the period. State Street Corp boosted its holdings in shares of 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 buying an additional 111,997 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after buying an additional 132,548 shares during the period. 95.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Mizuho dropped their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Wells Fargo & Company lifted their price objective on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Truist Financial reissued a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, Scotiabank raised their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $75.52.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the sale, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. The trade was a 21.63 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 349,216 shares of company stock valued at $19,841,492. 21.36% of the stock is owned by company insiders.

GitLab Trading Down 3.6 %

GTLB opened at $48.38 on Friday. The firm’s 50 day simple moving average is $61.70 and its two-hundred day simple moving average is $59.18. The company has a market capitalization of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18.

GitLab Company 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.