Fintel reports that on January 8, 2024, Mizuho upgraded their outlook for GitLab (NasdaqGS:GTLB) from Neutral to Buy .
Analyst Price Forecast Suggests 17.32% Upside
As of December 16, 2023, the average one-year price target for GitLab is 69.98. The forecasts range from a low of 55.55 to a high of $84.00. The average price target represents an increase of 17.32% from its latest reported closing price of 59.65.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for GitLab is 604MM, an increase of 12.06%. The projected annual non-GAAP EPS is -0.58.
What is the Fund Sentiment?
There are 553 funds or institutions reporting positions in GitLab. This is an increase of 61 owner(s) or 12.40% in the last quarter. Average portfolio weight of all funds dedicated to GTLB is 0.34%, a decrease of 19.62%. Total shares owned by institutions increased in the last three months by 4.10% to 104,431K shares. 
The put/call ratio of GTLB is 0.63, indicating a bullish outlook.
What are Other Shareholders Doing?
HMI Capital Management holds 7,264K shares representing 4.67% ownership of the company. In it's prior filing, the firm reported owning 7,406K shares, representing a decrease of 1.96%. The firm decreased its portfolio allocation in GTLB by 6.15% over the last quarter.
ICONIQ Capital holds 6,102K shares representing 3.92% ownership of the company. In it's prior filing, the firm reported owning 7,773K shares, representing a decrease of 27.38%. The firm decreased its portfolio allocation in GTLB by 73.04% over the last quarter.
Capital Research Global Investors holds 4,444K shares representing 2.85% ownership of the company. In it's prior filing, the firm reported owning 4,778K shares, representing a decrease of 7.52%. The firm decreased its portfolio allocation in GTLB by 15.44% over the last quarter.
Invesco holds 4,237K shares representing 2.72% ownership of the company. In it's prior filing, the firm reported owning 2,474K shares, representing an increase of 41.61%. The firm decreased its portfolio allocation in GTLB by 85.41% over the last quarter.
SMCWX - SMALLCAP WORLD FUND INC holds 3,480K shares representing 2.23% ownership of the company. No change in the last quarter.
Gitlab Background Information
(This description is provided by the company.)
GitLab is The DevOps platform that empowers organizations to maximize the overall return on software development by delivering software faster and efficiently, while strengthening security and compliance. With GitLab, every team in your organization can collaboratively plan, build, secure, and deploy software to drive business outcomes faster with complete transparency, consistency and traceability. GitLab is an open core company which develops software for the software development lifecycle with 30 million estimated registered users and more than 1 million active license users, and has an active community of more than 2,500 contributors. GitLab openly shares more information than most companies and is public by default, meaning its projects, strategy, direction and metrics are discussed openly and can be found within its website. GitLab values are Collaboration, Results, Efficiency, Diversity, Inclusion & Belonging , Iteration, and Transparency (CREDIT) and these form our culture. GitLab's team handbook, if printed would be over 8,000 pages of text, is the central repository for how we operate and is a foundational piece to the GitLab values. It is GitLab's mission to make it so that everyone can contribute. When everyone can contribute, users become contributors and GitLab greatly increases the rate of innovation.
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This story originally appeared on Fintel.
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