Mizuho Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price target hoisted by analysts at Mizuho from $67.00 to $80.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s target price points to a potential upside of 17.20% from the company’s previous close.

Several other research analysts have also recently weighed in on GTLB. Scotiabank raised their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. KeyCorp lifted their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. 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 report on Friday. Royal Bank of Canada raised their target price on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday. Finally, The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.88.

GitLab Stock Up 1.6 %

GTLB traded up $1.07 during trading on Monday, reaching $68.26. The stock had a trading volume of 665,750 shares, compared to its average volume of 2,386,683. The stock has a 50 day moving average of $57.91 and a two-hundred day moving average of $52.20. The firm has a market capitalization of $10.96 billion, a price-to-earnings ratio of -213.31 and a beta of 0.54. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53.

Insiders Place Their Bets

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated 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. Insiders have sold a total of 168,365 shares of company stock valued at $9,674,784 in the last three months. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC raised its holdings in GitLab by 168.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares during the period. Primecap Management Co. CA grew its position in shares of GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after purchasing an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of GitLab in the third quarter worth about $30,827,000. Atreides Management LP bought a new position in shares of GitLab in the third quarter worth about $25,605,000. Finally, William Blair Investment Management LLC acquired a new position in shares of GitLab during the 2nd quarter worth about $16,071,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.