Mizuho Downgrades GitLab (NASDAQ:GTLB) to Neutral

GitLab (NASDAQ:GTLB) was downgraded by equities researchers at Mizuho from an “outperform” rating to a “neutral” rating in a report released on Tuesday,Finviz reports. They presently have a $52.00 price objective on the stock. Mizuho’s price target would suggest a potential upside of 10.33% from the stock’s current price.

GTLB has been the subject of several other reports. Canaccord Genuity Group lowered their target price on GitLab from $76.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, September 4th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of GitLab in a research report on Saturday, September 27th. Piper Sandler lowered their price objective on GitLab from $85.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, September 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price objective on shares of GitLab in a research report on Thursday, September 4th. One investment 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.83.

GitLab Trading Up 0.5%

Shares of NASDAQ GTLB opened at $47.13 on Tuesday. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The stock has a market capitalization of $7.86 billion, a PE ratio of -1,178.25 and a beta of 0.73. The stock has a fifty day simple moving average of $45.96 and a 200-day simple moving average of $45.90.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $50.08, for a total transaction of $162,760.00. Following the sale, the director owned 100,639 shares in the company, valued at $5,040,001.12. This trade represents a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Simon Mundy sold 5,191 shares of the firm’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total value of $228,352.09. Following the sale, the chief accounting officer 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. Insiders have sold 1,224,362 shares of company stock worth $59,723,796 over the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in GitLab by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company’s stock valued at $631,936,000 after acquiring an additional 302,864 shares during the last quarter. Eminence Capital LP boosted its holdings in GitLab by 148.9% in the second quarter. Eminence Capital LP now owns 6,218,607 shares of the company’s stock valued at $280,521,000 after acquiring an additional 3,720,406 shares during the last quarter. HMI Capital Management L.P. boosted its holdings in GitLab by 32.3% in the second quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock valued at $264,283,000 after acquiring an additional 1,430,151 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in GitLab by 251.3% in the second quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company’s stock valued at $203,545,000 after acquiring an additional 3,227,717 shares during the last quarter. Finally, Atreides Management LP boosted its holdings in GitLab by 867.3% in the second quarter. Atreides Management LP now owns 3,938,198 shares of the company’s stock valued at $177,652,000 after acquiring an additional 3,531,070 shares during the last quarter. Institutional investors and hedge funds 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.