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

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

A number of other research analysts have also issued reports on GTLB. Robert W. Baird reduced their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday. JPMorgan Chase & Co. upped their price objective on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of GitLab in a research note on Tuesday. Scotiabank increased their price target on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their price objective on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $75.38.

GitLab Trading Down 5.7 %

Shares of GTLB opened at $58.25 on Tuesday. GitLab has a 12-month low of $40.72 and a 12-month high of $74.18. The stock has a market cap of $9.45 billion, a P/E ratio of -182.03 and a beta of 0.63. The company has a 50-day moving average of $64.35 and a two-hundred day moving average of $58.83.

Insider Buying and Selling

In other news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab 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 sale, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 740,257 shares of company stock valued at $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. M&T Bank Corp grew its position in shares of GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares during the period. OneDigital Investment Advisors LLC boosted its holdings in GitLab by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after purchasing an additional 166 shares during the period. Bank of Marin raised its holdings in shares of GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares during the period. Finally, Utah Retirement Systems lifted its position in shares of GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds 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.