GitLab (NASDAQ:GTLB) Price Target Lowered to $72.00 at Mizuho

GitLab (NASDAQ:GTLB) had its price objective decreased by Mizuho from $80.00 to $72.00 in a research note released on Tuesday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Several other analysts also recently weighed in on GTLB. The Goldman Sachs Group lifted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Scotiabank lifted their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Truist Financial reissued a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. TD Cowen lifted their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, JPMorgan Chase & Co. increased their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Price Performance

Shares of GTLB opened at $58.25 on Tuesday. The company has a market cap of $9.45 billion, a P/E ratio of -182.03 and a beta of 0.63. GitLab has a 12 month low of $40.72 and a 12 month high of $74.18. The stock has a fifty day moving average price of $64.35 and a 200 day moving average price of $58.83.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab 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 transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

Several hedge funds and other institutional investors have recently modified their holdings of GTLB. Norges Bank acquired a new stake in shares of GitLab during the fourth quarter worth approximately $279,089,000. Ameriprise Financial Inc. boosted its stake in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Alliancebernstein L.P. grew its holdings in shares of GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after acquiring an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after acquiring an additional 931,396 shares during the last quarter. 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.