GitLab (NASDAQ:GTLB) Given New $51.00 Price Target at Mizuho

GitLab (NASDAQ:GTLB) had its price objective lifted by Mizuho from $45.00 to $51.00 in a research report released on Wednesday, FlyOnTheWall reports.

A number of other research firms have also weighed in on GTLB. Barclays raised their target price on GitLab from $60.00 to $65.00 and gave the company an overweight rating in a report on Wednesday. Wolfe Research started coverage on GitLab in a report on Tuesday, June 20th. They set a market perform rating on the stock. Bank of America lifted their price target on GitLab from $60.00 to $62.00 and gave the stock a buy rating in a report on Wednesday. Royal Bank of Canada lifted their price target on GitLab from $56.00 to $60.00 in a report on Friday, June 23rd. Finally, Truist Financial lifted their price target on GitLab from $50.00 to $60.00 in a report on Tuesday, June 6th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $61.94.

GitLab Stock Up 0.5 %

Shares of GTLB stock opened at $49.99 on Wednesday. GitLab has a twelve month low of $26.24 and a twelve month high of $62.12. The company has a market cap of $7.64 billion, a P/E ratio of -37.31 and a beta of 0.18. The business has a fifty day simple moving average of $48.14 and a 200 day simple moving average of $41.69.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $139.58 million during the quarter, compared to analysts’ expectations of $129.81 million. GitLab had a negative return on equity of 22.82% and a negative net margin of 42.84%. The business’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.40) EPS. As a group, equities research analysts anticipate that GitLab will post -1.03 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $47.75, for a total transaction of $1,432,500.00. Following the completion of the transaction, the chief financial officer now owns 530,134 shares in the company, valued at $25,313,898.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $51.07, for a total value of $510,700.00. Following the transaction, the chief financial officer now directly owns 520,134 shares of the company’s stock, valued at approximately $26,563,243.38. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 30,000 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $47.75, for a total value of $1,432,500.00. Following the completion of the transaction, the chief financial officer now directly owns 530,134 shares in the company, valued at $25,313,898.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 290,580 shares of company stock valued at $15,179,123. 28.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

Hedge funds have recently modified their holdings of the company. HMI Capital Management L.P. lifted its stake in GitLab by 53.9% in the 2nd quarter. HMI Capital Management L.P. now owns 7,406,153 shares of the company’s stock valued at $378,528,000 after buying an additional 2,594,437 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in GitLab by 152.1% in the 4th quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock valued at $179,588,000 after acquiring an additional 2,384,500 shares during the last quarter. Vanguard Group Inc. raised its holdings in GitLab by 73.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock valued at $238,132,000 after acquiring an additional 1,973,796 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in GitLab by 7,180.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock valued at $102,298,000 after acquiring an additional 1,898,622 shares during the last quarter. Finally, Norges Bank acquired a new stake in GitLab in the 4th quarter valued at about $71,823,000. 54.15% 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.