GitLab (NASDAQ:GTLB) Given New $72.00 Price Target at Mizuho

GitLab (NASDAQ:GTLB) had its price objective reduced by investment analysts at Mizuho from $80.00 to $72.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price objective would indicate a potential upside of 28.00% from the company’s current price.

Several other equities analysts have also recently weighed in on GTLB. JPMorgan Chase & Co. increased their price objective on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Wells Fargo & Company increased their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Canaccord Genuity Group boosted their price objective on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Scotiabank upped their price objective 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, KeyCorp lifted their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.50.

GitLab Stock Down 6.6 %

Shares of NASDAQ GTLB opened at $56.25 on Tuesday. The firm’s 50-day moving average price is $64.30 and its 200-day moving average price is $58.69. GitLab has a 52-week low of $40.72 and a 52-week 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.

Insider Activity

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

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the period. CoreCap Advisors LLC grew its stake in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares in the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab during the fourth quarter worth approximately $46,000. True Wealth Design LLC bought a new stake in shares of GitLab during the third quarter valued at approximately $56,000. Finally, Raleigh Capital Management Inc. purchased a new stake in shares of GitLab in the fourth quarter valued at approximately $66,000. 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.