Macquarie Reiterates “Outperform” Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating reissued by equities researchers at Macquarie in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $90.00 price target on the stock. Macquarie’s target price points to a potential upside of 40.19% from the company’s previous close.

A number of other research firms also recently issued reports on GTLB. Barclays lifted their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. TD Cowen lifted their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Morgan Stanley increased their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, Scotiabank upped their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Performance

NASDAQ:GTLB opened at $64.20 on Wednesday. The stock has a 50-day simple moving average of $61.25 and a 200 day simple moving average of $54.71. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53. The company has a market cap of $10.42 billion, a PE ratio of -200.63 and a beta of 0.57.

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. 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 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 sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 816,447 shares of company stock valued at $48,948,434. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the third quarter worth about $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the 3rd quarter worth approximately $56,000. Rakuten Securities Inc. increased its stake in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the last quarter. Quarry LP raised its position in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in GitLab during the third quarter worth $96,000. Institutional investors and hedge funds 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.