GitLab (NASDAQ:GTLB) Price Target Cut to $52.00 by Analysts at Mizuho

Key Points

• Mizuho has lowered GitLab's price target from $55.00 to $52.00, while maintaining an "outperform" rating, indicating a potential upside of 14.79% from the company's previous close.
• The stock has received mixed ratings from analysts, with an average price target of $58.39 and 19 analysts rating it as a Buy.
• GitLab reported a quarterly EPS of $0.17, surpassing analysts' expectations, and indicated significant year-over-year revenue growth of 26.8%.

GitLab (NASDAQ:GTLB - Free Report) had its target price reduced by Mizuho from $55.00 to $52.00 in a research report released on Friday morning, MarketBeat.com reports. Mizuho currently has an outperform rating on the stock.

GTLB has been the subject of a number of other research reports. Piper Sandler cut their price target on GitLab from $85.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. Zacks Research upgraded GitLab to a "strong sell" rating in a research note on Monday, August 11th. KeyCorp dropped their target price on GitLab from $60.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, September 4th. Morgan Stanley increased their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, UBS Group dropped their target price on GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $58.39.

GitLab Stock Performance

Shares of GTLB stock traded down $0.04 during mid-day trading on Friday, hitting $47.85. The company's stock had a trading volume of 3,112,470 shares, compared to its average volume of 3,751,368. The company's fifty day simple moving average is $44.84 and its 200-day simple moving average is $46.94. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The company has a market cap of $7.91 billion, a PE ratio of -1,198.18 and a beta of 0.74.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data 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. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period last year, the company posted $0.03 EPS. The business's quarterly revenue was up 26.8% on a year-over-year basis. On average, equities analysts anticipate that GitLab will post -0.31 earnings per share for the current year.

Insider Transactions at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $45.16, for a total transaction of $4,904,376.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the transaction, the director directly owned 551,997 shares in the company, valued at approximately $23,360,513.04. The trade was a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 464,950 shares of company stock valued at $20,025,356. Insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of large investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. grew its position in shares of GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after acquiring an additional 334 shares during the period. Cloud Capital Management LLC bought a new position in shares of GitLab during the 1st quarter valued at about $29,000. Twin Tree Management LP bought a new position in shares of GitLab during the 1st quarter valued at about $29,000. CoreCap Advisors LLC raised its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after buying an additional 452 shares in the last quarter. Finally, Harbour Investments Inc. raised its position in shares of GitLab by 447.6% during the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock valued at $42,000 after buying an additional 734 shares in the last quarter. Institutional investors 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.