GitLab’s (GTLB) Outperform Rating Reiterated at Macquarie

Macquarie reissued their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research report released on Wednesday morning,Benzinga reports. The firm currently has a $90.00 price objective on the stock.

A number of other research analysts also recently issued reports on the company. Canaccord Genuity Group raised their price target on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group raised 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. Robert W. Baird raised their price target on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Mizuho raised their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Up 2.8 %

NASDAQ:GTLB opened at $62.93 on Wednesday. The stock’s 50 day moving average price is $61.19 and its 200 day moving average price is $54.64. The company has a market capitalization of $10.21 billion, a PE ratio of -196.66 and a beta of 0.57. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53.

Insider Activity at GitLab

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 725,947 shares of company stock worth $43,246,539 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

A number of institutional investors have recently bought and sold shares of GTLB. Renaissance Technologies LLC boosted its position in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares in the last quarter. Primecap Management Co. CA boosted its position in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after purchasing an additional 603,200 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in GitLab during the third quarter worth $30,827,000. Atreides Management LP acquired a new position in shares of GitLab in the third quarter worth $25,605,000. Finally, Thrivent Financial for Lutherans raised its holdings in shares of GitLab by 128.8% in the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after acquiring an additional 312,119 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.