GitLab (NASDAQ:GTLB) Price Target Cut to $70.00 by Analysts at Mizuho

GitLab (NASDAQ:GTLB) had its target price decreased by equities researchers at Mizuho from $75.00 to $70.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s price objective suggests a potential upside of 23.89% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Sanford C. Bernstein increased their price target on shares of GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. UBS Group reduced their price objective on GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Truist Financial reaffirmed a “buy” rating and issued a $80.00 target price on shares of GitLab in a research note on Monday, April 1st. Capital One Financial assumed coverage on shares of GitLab in a research note on Friday, March 22nd. They issued an “overweight” rating and a $72.00 price objective for the company. Finally, Cantor Fitzgerald lowered their price target on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $70.50.

GitLab Stock Performance

NASDAQ:GTLB opened at $56.50 on Friday. GitLab has a 52-week low of $30.10 and a 52-week high of $78.53. The stock has a fifty day moving average of $55.74 and a 200 day moving average of $59.09. The firm has a market capitalization of $8.96 billion, a price-to-earnings ratio of -20.55 and a beta of 0.49.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.07. The firm had revenue of $163.80 million during the quarter, compared to the consensus estimate of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The company’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.26) EPS. Equities analysts forecast that GitLab will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 2,425 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $58.75, for a total transaction of $142,468.75. Following the completion of the transaction, the insider now owns 55,150 shares in the company, valued at $3,240,062.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $53.59, for a total transaction of $12,325,700.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,425 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $58.75, for a total transaction of $142,468.75. Following the completion of the sale, the insider now owns 55,150 shares of the company’s stock, valued at approximately $3,240,062.50. The disclosure for this sale can be found here. Insiders sold 433,383 shares of company stock valued at $23,632,528 over the last three months. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Byrne Asset Management LLC purchased a new stake in GitLab during the first quarter worth $33,000. Allspring Global Investments Holdings LLC raised its stake in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares in the last quarter. Ramirez Asset Management Inc. purchased a new stake in GitLab during the third quarter valued at approximately $36,000. SRS Capital Advisors Inc. acquired a new stake in GitLab in the third quarter valued at approximately $40,000. Finally, Banque Cantonale Vaudoise acquired a new stake in GitLab in the first quarter valued at approximately $58,000. 91.72% of the stock is currently owned by 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.