Mizuho Raises GitLab (NASDAQ:GTLB) Price Target to $80.00

GitLab (NASDAQ:GTLB) had its price target hoisted by analysts at Mizuho from $67.00 to $80.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price objective suggests a potential upside of 29.91% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upped their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Bank of America upped their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC boosted their price target on GitLab from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus price target of $75.88.

GitLab Trading Down 7.7 %

NASDAQ GTLB opened at $61.58 on Monday. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The stock’s fifty day moving average price is $58.22 and its 200-day moving average price is $52.27. The stock has a market cap of $9.88 billion, a P/E ratio of -192.44 and a beta of 0.54.

Insider Transactions at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 178,365 shares of company stock worth $10,350,684 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the third quarter valued at about $52,000. True Wealth Design LLC bought a new position in GitLab during the third quarter valued at approximately $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP increased its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in GitLab in the 3rd quarter worth approximately $96,000. 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.