GitLab’s (GTLB) “Buy” Rating Reiterated at Needham & Company LLC

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $32.00 target price on the stock. Needham & Company LLC’s price target points to a potential upside of 64.78% from the company’s current price.

A number of other brokerages also recently issued reports on GTLB. Rosenblatt Securities cut their price target on shares of GitLab from $55.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Truist Financial cut their price target on shares of GitLab from $35.00 to $25.00 and set a “hold” rating for the company in a report on Wednesday, March 4th. Royal Bank Of Canada cut their price target on shares of GitLab from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, March 4th. Sanford C. Bernstein cut their price target on shares of GitLab from $70.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, March 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of GitLab in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fourteen have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $39.62.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $19.42 on Monday. The company has a 50 day simple moving average of $25.34 and a 200-day simple moving average of $35.85. The company has a market capitalization of $3.30 billion, a P/E ratio of -55.49 and a beta of 0.85. GitLab has a 1 year low of $18.73 and a 1 year high of $54.08.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $260.40 million during the quarter, compared to the consensus estimate of $252.31 million. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.73%. The business’s revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS. As a group, research analysts expect that GitLab will post -0.31 EPS for the current year.

Insider Buying and Selling

In related news, Director Sytse Sijbrandij sold 54,300 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $28.41, for a total transaction of $1,542,663.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Jacobson sold 700,109 shares of the stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $22.95, for a total transaction of $16,067,501.55. Following the transaction, the director directly owned 325 shares of the company’s stock, valued at $7,458.75. The trade was a 99.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,268,508 shares of company stock valued at $29,848,496 in the last ninety days. 16.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Allworth Financial LP grew its stake in shares of GitLab by 124.1% in the third quarter. Allworth Financial LP now owns 558 shares of the company’s stock worth $25,000 after acquiring an additional 309 shares in the last quarter. Quarry LP acquired a new position in shares of GitLab in the third quarter worth $31,000. Farther Finance Advisors LLC grew its stake in shares of GitLab by 284.3% in the third quarter. Farther Finance Advisors LLC now owns 907 shares of the company’s stock worth $41,000 after acquiring an additional 671 shares in the last quarter. Lodestone Wealth Management LLC acquired a new position in shares of GitLab in the fourth quarter worth $36,000. Finally, Global Retirement Partners LLC grew its stake in shares of GitLab by 84.1% in the third quarter. Global Retirement Partners LLC now owns 974 shares of the company’s stock worth $44,000 after acquiring an additional 445 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Company Profile

GitLab Inc (NASDAQ: GTLB) is a leading provider of a unified DevOps platform designed to streamline the software development lifecycle. Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, the company initially gained recognition for its open-source Git repository manager. Over time, GitLab expanded its offerings to encompass planning, source code management, continuous integration/continuous deployment (CI/CD), security testing, and monitoring in a single application. This integrated approach enables development teams to collaborate efficiently, reduce toolchain complexity, and accelerate release cycles.

The GitLab platform is offered through both cloud-hosted and self-managed deployment models, catering to organizations of all sizes.