GitLab's (GTLB) "Outperform" Rating Reiterated at Macquarie

Macquarie reiterated their outperform rating on shares of GitLab (NASDAQ:GTLB - Free Report) in a research note published on Wednesday morning,Benzinga reports. Macquarie currently has a $90.00 price objective on the stock.

GTLB has been the topic of a number of other reports. KeyCorp upped their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a report on Friday, December 6th. TD Cowen raised their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, November 21st. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald raised 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. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $76.42.

GitLab Trading Up 2.8 %

GTLB traded up $1.71 on Wednesday, hitting $62.93. 3,165,241 shares of the company were exchanged, compared to its average volume of 2,361,465. The firm has a 50-day moving average price of $61.19 and a two-hundred day moving average price of $54.64. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The company has a market cap of $10.21 billion, a price-to-earnings ratio of -196.66 and a beta of 0.57.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total value 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 $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 725,947 shares of company stock valued at $43,246,539. Company insiders own 21.36% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTLB. Daiwa Securities Group Inc. purchased a new stake in shares of GitLab during the 2nd quarter worth $209,000. Oppenheimer Asset Management Inc. lifted its stake in shares of GitLab by 37.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,235 shares of the company's stock valued at $1,056,000 after purchasing an additional 5,786 shares during the period. Envestnet Asset Management Inc. boosted its holdings in GitLab by 4.7% during the second quarter. Envestnet Asset Management Inc. now owns 112,496 shares of the company's stock worth $5,593,000 after buying an additional 5,078 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new position in GitLab during the second quarter worth about $902,000. Finally, Renaissance Technologies LLC grew 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 buying an additional 747,712 shares during the period. Hedge funds and other 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.