Macquarie Reiterates Outperform Rating for GitLab (NASDAQ:GTLB)

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

Several other analysts have also recently weighed in on the stock. Piper Sandler lifted their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Scotiabank raised their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald boosted their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Truist Financial restated a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Three investment 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 presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Up 2.5 %

Shares of GTLB traded up $1.51 during midday trading on Wednesday, reaching $62.73. 882,470 shares of the stock were exchanged, compared to its average volume of 2,096,968. The stock’s 50 day simple moving average is $61.13 and its 200 day simple moving average is $54.58. The company has a market cap of $10.18 billion, a P/E ratio of -196.03 and a beta of 0.57. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53.

Insider Activity

In other news, Director Susan L. Bostrom sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the sale, the director now directly owns 184,913 shares in the company, valued at approximately $10,403,205.38. The trade was a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 725,947 shares of company stock worth $43,246,539. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently added to or reduced their stakes in the business. Merit Financial Group LLC bought a new position in shares of GitLab during the fourth quarter valued at $406,000. Avanza Fonder AB acquired a new stake in GitLab in the fourth quarter valued at $278,000. Wealthcare Advisory Partners LLC acquired a new stake in GitLab in the fourth quarter valued at $311,000. Northside Capital Management LLC bought a new position in GitLab during the 4th quarter worth $329,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in GitLab during the 4th quarter worth about $225,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.