GitLab (NASDAQ:GTLB) Lowered to “Neutral” Rating by Mizuho

Mizuho cut shares of GitLab (NASDAQ:GTLB) from an outperform rating to a neutral rating in a report published on Tuesday morning, MarketBeat.com reports. Mizuho currently has $52.00 price target on the stock.

GTLB has been the topic of a number of other reports. UBS Group lowered their target price on GitLab from $73.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, September 4th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $50.00 target price on shares of GitLab in a report on Tuesday, June 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of GitLab in a research report on Thursday, September 4th. Guggenheim initiated coverage on GitLab in a research report on Thursday, September 11th. They issued a “buy” rating and a $70.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of GitLab in a research report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.83.

GitLab Stock Performance

Shares of GTLB opened at $46.15 on Tuesday. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of -1,153.75 and a beta of 0.73. GitLab has a one year low of $37.90 and a one year high of $74.18. The stock’s fifty day moving average is $45.94 and its 200-day moving average is $45.90.

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 396,147 shares of GitLab stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the transaction, the director owned 73,299 shares of the company’s stock, valued at $3,703,798.47. The trade was a 84.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $45.16, for a total value of $4,904,376.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,224,362 shares of company stock worth $59,723,796. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company’s stock valued at $2,030,000 after buying an additional 42,764 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in GitLab by 5.3% in the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company’s stock worth $357,000 after purchasing an additional 381 shares during the last quarter. Focus Partners Wealth lifted its holdings in GitLab by 42.5% in the 1st quarter. Focus Partners Wealth now owns 252,586 shares of the company’s stock worth $11,871,000 after purchasing an additional 75,331 shares during the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in GitLab by 19.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company’s stock worth $309,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in GitLab in the 1st quarter worth approximately $200,000. 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.