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

Macquarie reissued their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research report released on Tuesday morning,Benzinga reports. They currently have a $90.00 target price on the stock.

GTLB has been the topic of several other research reports. Robert W. Baird dropped their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday. Truist Financial reissued a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. JPMorgan Chase & Co. lifted their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Barclays cut their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, KeyCorp raised their target price on GitLab from $74.00 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-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Trading Down 5.7 %

Shares of GTLB stock opened at $58.25 on Tuesday. GitLab has a twelve month low of $40.72 and a twelve month high of $74.18. The stock has a 50 day moving average of $64.35 and a 200 day moving average of $58.83. The stock has a market cap of $9.45 billion, a P/E ratio of -182.03 and a beta of 0.63.

Insider Transactions at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now directly owns 129,223 shares in the company, valued at $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 three months, insiders sold 740,257 shares of company stock valued at $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after buying an additional 885,955 shares during the last quarter. Norges Bank purchased a new position in GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership raised its position in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. raised its position in GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after acquiring an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings 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 purchasing 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.