Norges Bank Acquires Shares of 4,952,784 GitLab Inc. (NASDAQ:GTLB)

Norges Bank bought a new position in GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, Holdings Channel reports. The fund bought 4,952,784 shares of the company’s stock, valued at approximately $279,089,000.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in GitLab by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock valued at $38,728,000 after buying an additional 57,381 shares in the last quarter. Cerity Partners LLC boosted its position in shares of GitLab by 772.3% during the 3rd quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock valued at $2,902,000 after acquiring an additional 49,852 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of GitLab by 360.4% in the third quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock valued at $3,058,000 after purchasing an additional 46,343 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in GitLab by 5.1% in the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock worth $1,514,000 after purchasing an additional 1,417 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in GitLab by 26.5% during the third quarter. BNP Paribas Financial Markets now owns 62,877 shares of the company’s stock valued at $3,241,000 after purchasing an additional 13,169 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $48.38 on Friday. The firm’s 50 day simple moving average is $61.70 and its 200-day simple moving average is $59.18. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18. The firm has a market cap of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 7,330 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total transaction of $417,663.40. Following the transaction, the insider now owns 121,893 shares of the company’s stock, valued at approximately $6,945,463.14. This represents a 5.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company’s stock, valued at $7,518,086.44. The trade was a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 349,216 shares of company stock worth $19,841,492 in the last ninety days. 21.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price objective on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Macquarie reiterated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Piper Sandler boosted their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Finally, Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

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.