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

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating reissued by investment analysts at Macquarie in a research note issued on Wednesday,Benzinga reports. They currently have a $90.00 target price on the stock. Macquarie’s price target points to a potential upside of 43.47% from the company’s previous close.

Several other equities research analysts have also weighed in on the stock. Royal Bank of Canada increased their target price on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Mizuho raised their price objective on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Cantor Fitzgerald lifted their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Robert W. Baird increased their price target on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Trading Up 2.5 %

Shares of NASDAQ:GTLB traded up $1.51 during mid-day trading on Wednesday, reaching $62.73. The stock had a trading volume of 882,470 shares, compared to its average volume of 2,096,968. The firm has a 50 day simple moving average of $61.13 and a two-hundred day simple moving average of $54.58. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a market cap of $10.18 billion, a PE ratio of -196.03 and a beta of 0.57.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 725,947 shares of company stock valued at $43,246,539 in the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently added to or reduced their stakes in the business. 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 during the period. Primecap Management Co. CA lifted its stake in shares of GitLab by 269.5% during the 2nd 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 bought a new stake in shares of GitLab during the 3rd quarter worth about $30,827,000. Atreides Management LP acquired a new position in GitLab in the 3rd quarter valued at about $25,605,000. Finally, Thrivent Financial for Lutherans grew its stake in GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after buying an additional 312,119 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Company 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.