Mizuho Downgrades GitLab (NASDAQ:GTLB) to Neutral

Key Points

• Mizuho downgraded GitLab from an "outperform" to a "neutral" rating, with a target price set at $52.00, suggesting a potential upside of 10.33% from the current stock price.
• Various analysts have differing opinions on GitLab, with one issuing a Strong Buy rating and others providing target prices ranging from $55.00 to $70.00.
• Recent insider trading includes substantial sales, with Director Sytse Sijbrandij selling over 108,000 shares, reflecting a growing pattern of insider selling in the last quarter.

GitLab (NASDAQ:GTLB - Get Free Report) was downgraded by Mizuho from an "outperform" rating to a "neutral" rating in a research report issued to clients and investors on Tuesday,Finviz reports. They presently have a $52.00 target price on the stock. Mizuho's price target would suggest a potential upside of 10.33% from the stock's current price.

Several other equities analysts have also issued reports on GTLB. Raymond James Financial lowered their price target on GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, September 4th. Morgan Stanley lifted their price objective on GitLab from $56.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday. Rosenblatt Securities reiterated a "buy" rating and issued a $58.00 price objective on shares of GitLab in a report on Thursday, September 4th. Canaccord Genuity Group reduced their price objective on GitLab from $76.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, September 4th. Finally, Guggenheim began coverage on GitLab in a report on Thursday, September 11th. They issued a "buy" rating and a $70.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $58.83.

GitLab Trading Up 0.5%

Shares of GitLab stock opened at $47.13 on Tuesday. The business has a fifty day simple moving average of $45.96 and a two-hundred day simple moving average of $45.90. The firm has a market capitalization of $7.86 billion, a P/E ratio of -1,178.25 and a beta of 0.73. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

Insider Buying and Selling

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $45.16, for a total value of $4,904,376.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Simon Mundy sold 5,191 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $43.99, for a total value of $228,352.09. Following the completion of the transaction, the chief accounting officer directly owned 53,507 shares in the company, valued at $2,353,772.93. This trade represents a 8.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,224,362 shares of company stock worth $59,723,796. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

Hedge funds have recently made changes to their positions in the stock. MetLife Investment Management LLC grew its holdings in GitLab by 3.2% during the first quarter. MetLife Investment Management LLC now owns 7,762 shares of the company's stock worth $365,000 after acquiring an additional 242 shares during the period. Summit Global Investments grew its holdings in GitLab by 2.2% during the second quarter. Summit Global Investments now owns 15,193 shares of the company's stock worth $685,000 after acquiring an additional 331 shares during the period. Cullen Frost Bankers Inc. grew its holdings in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares during the period. Park Avenue Securities LLC grew its holdings in GitLab by 5.3% in the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after purchasing an additional 381 shares during the period. Finally, SBI Securities Co. Ltd. grew its holdings in GitLab by 12.5% in the second quarter. SBI Securities Co. Ltd. now owns 3,863 shares of the company's stock valued at $174,000 after purchasing an additional 429 shares during the period. 95.04% of the stock is currently 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.

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