Norges Bank Purchases Shares of 3,535,440 GitLab Inc. (NASDAQ:GTLB)

Norges Bank purchased a new stake in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,535,440 shares of the company’s stock, valued at approximately $222,591,000.

Other large investors have also made changes to their positions in the company. Fiera Capital Corp grew its stake in shares of GitLab by 0.5% during the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock valued at $75,540,000 after purchasing an additional 5,446 shares during the period. Invesco Ltd. grew its stake in shares of GitLab by 71.3% during the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after purchasing an additional 1,762,944 shares during the period. Wellington Management Group LLP grew its stake in shares of GitLab by 280.3% during the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after purchasing an additional 463,584 shares during the period. Black Swift Group LLC bought a new stake in shares of GitLab during the 4th quarter valued at about $1,574,000. Finally, Polar Capital Holdings Plc purchased a new position in shares of GitLab during the 3rd quarter valued at about $7,558,000. 91.72% of the stock is currently owned by institutional investors.

GitLab Price Performance

NASDAQ GTLB opened at $58.17 on Wednesday. The business’s 50 day moving average price is $55.77 and its 200-day moving average price is $59.66. GitLab Inc. has a fifty-two week low of $32.65 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.07. The firm had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The company’s revenue for the quarter was up 33.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.26) EPS. On average, equities research analysts expect that GitLab Inc. will post -0.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. TD Cowen lowered their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 5th. Wells Fargo & Company assumed coverage on GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price objective on the stock. Sanford C. Bernstein lifted their price objective on GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. Bank of America lowered their price objective on GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 5th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $70.50.

Insider Buying and Selling at GitLab

In other GitLab news, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total value of $57,029.74. Following the transaction, the chief accounting officer now owns 74,908 shares of the company’s stock, valued at approximately $4,459,273.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other GitLab news, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total value of $57,029.74. Following the completion of the sale, the chief accounting officer now directly owns 74,908 shares in the company, valued at approximately $4,459,273.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 230,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The disclosure for this sale can be found here. Insiders have sold 433,383 shares of company stock valued at $23,632,528 in the last quarter. 21.36% of the stock is owned by insiders.

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.