GitLab’s (GTLB) “Outperform” Rating Reaffirmed at Macquarie

Macquarie reissued their outperform rating on shares of GitLab (NASDAQ:GTLB) in a report published on Wednesday,Benzinga reports. They currently have a $90.00 price objective on the stock.

Several other research firms have also recently weighed in on GTLB. Cantor Fitzgerald increased their target price on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Truist Financial reissued a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. DA Davidson upped their target price on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Robert W. Baird lifted their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group increased their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $63.02 on Wednesday. The stock has a market capitalization of $10.23 billion, a P/E ratio of -196.94 and a beta of 0.57. The business has a 50-day moving average of $61.30 and a two-hundred day moving average of $54.79. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53.

Insider Activity at GitLab

In related news, Director Susan L. Bostrom sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $60.19, for a total value of $1,203,800.00. Following the completion of the transaction, the director now owns 204,913 shares in the company, valued at $12,333,713.47. The trade was a 8.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Insiders sold 816,447 shares of company stock valued at $48,948,434 over the last ninety days. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently made changes to their positions in GTLB. Renaissance Technologies LLC lifted its position in GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares during the period. Primecap Management Co. CA raised its stake in shares of 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 buying an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in GitLab in the third quarter valued at approximately $30,827,000. Atreides Management LP bought a new position in GitLab in the third quarter valued at approximately $25,605,000. Finally, Thrivent Financial for Lutherans grew its holdings in GitLab by 128.8% during the 3rd 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 period. Institutional investors own 95.04% of the company’s stock.

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.