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

GitLab (NASDAQ:GTLB) had its price target decreased by equities research analysts at Mizuho from $80.00 to $72.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s target price suggests a potential upside of 28.00% from the stock’s previous close.

GTLB has been the subject of a number of other reports. The Goldman Sachs Group raised their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Morgan Stanley raised their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. TD Cowen upped their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. DA Davidson reduced their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Wells Fargo & Company upped their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.50.

GitLab Trading Down 6.6 %

GTLB opened at $56.25 on Tuesday. GitLab has a 12 month low of $40.72 and a 12 month high of $76.41. The company has a market cap of $9.13 billion, a PE ratio of -175.78 and a beta of 0.63. The company has a 50 day moving average of $64.30 and a 200 day moving average of $58.69.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the transaction, the director now directly owns 134,733 shares in the company, valued at $7,947,899.67. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock valued at $44,710,867 over the last ninety days. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of GTLB. Vanguard Group Inc. raised its stake in GitLab by 7.2% in the fourth 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 in the last quarter. Norges Bank bought a new stake in shares of GitLab during the 4th quarter valued at $279,089,000. Artisan Partners Limited Partnership grew its position in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. increased its stake in shares of GitLab by 17.6% in the 4th 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 in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in 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 acquiring an additional 1,583,221 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.