Macquarie Begins Coverage on GitLab (NASDAQ:GTLB)

Macquarie began coverage on shares of GitLab (NASDAQ:GTLB - Free Report) in a research report sent to investors on Thursday, Marketbeat reports. The brokerage issued an outperform rating and a $90.00 price objective on the stock.

GTLB has been the subject of a number of other reports. Wells Fargo & Company upped their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. KeyCorp increased their price objective on GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Truist Financial restated a "buy" rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Mizuho raised their price target on shares of GitLab from $67.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday. Finally, Cantor Fitzgerald boosted their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $76.42.

GitLab Price Performance

GTLB traded up $1.03 during trading on Thursday, reaching $61.71. The company had a trading volume of 2,162,601 shares, compared to its average volume of 2,422,312. The company has a market cap of $9.90 billion, a P/E ratio of -189.63 and a beta of 0.54. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The business's fifty day moving average price is $58.67 and its 200 day moving average price is $52.37.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares of the company's stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 178,365 shares of company stock worth $10,350,684. 21.36% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC acquired a new position in shares of GitLab during the 3rd quarter worth approximately $13,435,000. Mission Creek Capital Partners Inc. boosted its stake in shares of GitLab by 113.9% in the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock valued at $4,119,000 after buying an additional 42,550 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in GitLab by 111.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company's stock worth $17,334,000 after buying an additional 176,967 shares in the last quarter. Victory Capital Management Inc. increased its stake in GitLab by 56.1% during the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock worth $18,155,000 after acquiring an additional 126,578 shares during the period. Finally, William Blair Investment Management LLC bought a new position in GitLab during the 2nd quarter worth $16,071,000. 95.04% of the stock is owned by 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.