Norges Bank bought a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,952,784 shares of the company's stock, valued at approximately $279,089,000. Norges Bank owned 3.05% of GitLab as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also modified their holdings of the business. Blair William & Co. IL boosted its position in GitLab by 5.8% during the 4th quarter. Blair William & Co. IL now owns 54,774 shares of the company's stock valued at $3,087,000 after acquiring an additional 2,980 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of GitLab during the 4th quarter valued at $778,000. Artisan Partners Limited Partnership increased its position in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Pier Capital LLC raised its stake in GitLab by 58.8% in the fourth quarter. Pier Capital LLC now owns 138,693 shares of the company's stock valued at $7,815,000 after buying an additional 51,365 shares during the last quarter. Finally, Congress Wealth Management LLC DE acquired a new stake in GitLab in the fourth quarter worth about $424,000. Institutional investors own 95.04% of the company's stock.
Insiders Place Their Bets
In other news, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the transaction, the director now directly owns 128,233 shares of the company's stock, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 311,886 shares of company stock valued at $17,736,229 in the last 90 days. 21.36% of the stock is owned by insiders.
Analysts Set New Price Targets
Several brokerages recently commented on GTLB. Truist Financial decreased their price objective on shares of GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday. Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, December 6th. DA Davidson decreased their target price on GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, February 28th. Barclays reduced their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Finally, Morgan Stanley increased their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $75.09.
Read Our Latest Stock Report on GTLB
GitLab Stock Performance
Shares of NASDAQ:GTLB traded down $4.73 during trading on Thursday, reaching $43.60. The stock had a trading volume of 1,209,358 shares, compared to its average volume of 2,748,199. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18. The stock has a market cap of $7.08 billion, a PE ratio of -136.25 and a beta of 0.67. The business has a fifty day moving average price of $60.72 and a 200-day moving average price of $59.04.
About GitLab
(
Free Report)
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.
Featured Stories
Before you consider GitLab, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and GitLab wasn't on the list.
While GitLab currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
