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

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating reiterated by Macquarie in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $90.00 price objective on the stock. Macquarie’s price objective suggests a potential upside of 52.24% from the company’s current price.

A number of other equities analysts have also weighed in on GTLB. Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday. DA Davidson lowered their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday. JPMorgan Chase & Co. upped their price target on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Canaccord Genuity Group raised 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Stock Performance

Shares of NASDAQ GTLB traded up $2.87 during midday trading on Tuesday, reaching $59.12. The stock had a trading volume of 5,600,012 shares, compared to its average volume of 2,909,928. The stock has a 50-day moving average of $64.30 and a 200-day moving average of $58.69. The company has a market capitalization of $9.59 billion, a price-to-earnings ratio of -184.98 and a beta of 0.63. GitLab has a 12-month low of $40.72 and a 12-month high of $74.18.

Insiders Place Their Bets

In related news, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 740,257 shares of company stock worth $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Vanguard Group Inc. increased its stake in shares of GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares in the last quarter. Norges Bank purchased a new stake in GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership raised its holdings in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after acquiring an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares in the last quarter. 95.04% of the stock is 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.