Mizuho bullish on GitLab following Survey results

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Mizuho bullish on GitLab following Survey results
Credit: © Reuters.

Mizuho upgraded software company, GitLab Inc. (GTLB) to a Buy rating (From Neutral) and established a 12-month price target of $73.00 on the company’s stock following a recent poll of over 100 software engineers in the United States.

According to Mizuho, the survey revealed key insights into the segment, such as the impact of the macro environment on current and future DevOps investments, prioritization of IT projects, and public cloud usage.

The GTLB developer platform utilizes a unified data architecture that can be widely used within an organization. Its solutions cater to various stages of the crucial DevOps lifecycle, addressing its growing significance.

The program is currently available under three pricing tiers; Free, Premium ($29/M), and Ultimate ($99/M). Additionally, due to the recent Premium price increase, current Premium customers will be charged a transitional fee of $24 per user per month upon renewal, until the standard rate of $29 per user per month takes effect on April 2.

It is worth noting that nearly 30% of GTLB customers polled in Mizuho’s survey indicated that they are currently considering upgrading to a higher tier of service (with 8% of users considering an upgrade to Premium, while 21% are considering an upgrade to Ultimate).

Just 1 Ultimate user surveyed is considering downgrading to the Premium tier.

Shares of GTLB are up 6.21$ in afternoon trading on Monday.

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