Mizuho Lowers GitLab (NASDAQ:GTLB) Price Target to $60.00

GitLab (NASDAQ:GTLB - Free Report) had its price objective cut by Mizuho from $72.00 to $60.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts also recently issued reports about the company. UBS Group cut their target price on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday. Scotiabank cut their price objective on GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research report on Friday, June 6th. JPMorgan Chase & Co. dropped their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday. BTIG Research dropped their price target on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Morgan Stanley boosted their target price on GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average target price of $63.59.

GitLab Price Performance

GTLB traded down $1.12 during midday trading on Wednesday, reaching $42.59. 2,979,554 shares of the company's stock traded hands, compared to its average volume of 2,729,439. The firm has a fifty day moving average of $46.43 and a two-hundred day moving average of $55.57. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of -133.05 and a beta of 0.75. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm's quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 EPS. Sell-side analysts forecast that GitLab will post -0.31 EPS for the current year.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the transaction, the director now owns 108,733 shares in the company, valued at $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now directly owns 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock worth $23,192,574. Insiders own 16.37% of the company's stock.

Institutional Trading of GitLab

Large investors have recently modified their holdings of the business. Cullen Frost Bankers Inc. lifted its stake in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after buying an additional 334 shares during the period. EverSource Wealth Advisors LLC grew its holdings in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in GitLab during the 1st quarter valued at $29,000. Twin Tree Management LP acquired a new position in GitLab during the 1st quarter worth $29,000. Finally, CoreCap Advisors LLC grew its holdings in GitLab by 327.5% during 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. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.