Mizuho Trims GitLab (NASDAQ:GTLB) Target Price to $70.00

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective dropped by analysts at Mizuho from $75.00 to $70.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. Mizuho's target price indicates a potential upside of 24.42% from the company's current price.

A number of other analysts have also commented on GTLB. Royal Bank of Canada reaffirmed an "outperform" rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 5th. Wolfe Research upgraded shares of GitLab from a "peer perform" rating to an "outperform" rating and set a $75.00 price target for the company in a report on Wednesday, March 6th. Cantor Fitzgerald reduced their price objective on shares of GitLab from $80.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 5th. DA Davidson decreased their target price on shares of GitLab from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 5th. Finally, Wells Fargo & Company began coverage on GitLab in a report on Tuesday, April 9th. They issued an "overweight" rating and a $70.00 price target for the company. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.50.

GitLab Trading Down 0.4 %

Shares of GTLB stock traded down $0.24 during mid-day trading on Friday, reaching $56.26. The stock had a trading volume of 1,520,139 shares, compared to its average volume of 2,438,715. The company has a market cap of $8.92 billion, a P/E ratio of -20.46 and a beta of 0.49. GitLab has a 12-month low of $31.56 and a 12-month high of $78.53. The business has a 50-day simple moving average of $55.74 and a 200 day simple moving average of $59.09.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The company had revenue of $163.80 million during the quarter, compared to analysts' expectations of $157.89 million. During the same quarter in the previous year, the business posted ($0.26) earnings per share. The firm's quarterly revenue was up 33.3% compared to the same quarter last year. Research analysts anticipate that GitLab will post -0.96 EPS for the current year.

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 75,000 shares of the company's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $55.19, for a total value of $4,139,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Sytse Sijbrandij sold 75,000 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $55.19, for a total transaction of $4,139,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robin Schulman sold 2,425 shares of GitLab stock in a transaction 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 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. In the last three months, insiders sold 433,383 shares of company stock valued at $23,632,528. Corporate insiders own 21.36% of the company's stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently bought and sold shares of the company. Comerica Bank raised its stake in GitLab by 2,076.2% during the first quarter. Comerica Bank now owns 66,373 shares of the company's stock valued at $3,871,000 after buying an additional 63,323 shares in the last quarter. Tidal Investments LLC bought a new position in GitLab during the first quarter worth $922,000. Jacobs Levy Equity Management Inc. acquired a new position in GitLab in the first quarter worth $13,463,000. Price T Rowe Associates Inc. MD increased its stake in GitLab by 188.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 194,417 shares of the company's stock valued at $11,339,000 after purchasing an additional 126,917 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new stake in shares of GitLab during the first quarter worth $221,000. 91.72% 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.