Guggenheim Cuts GitLab (NASDAQ:GTLB) Price Target to $50.00

GitLab (NASDAQ:GTLB) had its price objective cut by Guggenheim from $60.00 to $50.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on GTLB. The Goldman Sachs Group cut their target price on GitLab from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 3rd. Sanford C. Bernstein lowered their price target on shares of GitLab from $70.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday. UBS Group set a $42.00 price objective on shares of GitLab in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of GitLab in a research report on Monday, December 22nd. Finally, Cantor Fitzgerald reduced their target price on shares of GitLab from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Hold” and an average target price of $39.96.

GitLab Stock Down 1.8%

Shares of NASDAQ GTLB opened at $24.91 on Wednesday. The firm’s 50-day moving average price is $32.39 and its two-hundred day moving average price is $40.45. GitLab has a 52-week low of $23.10 and a 52-week high of $58.75. The stock has a market capitalization of $4.19 billion, a P/E ratio of -71.17 and a beta of 0.79.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. GitLab had a negative return on equity of 1.79% and a negative net margin of 5.86%.The business had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $252.31 million. During the same period in the prior year, the firm earned $0.33 EPS. The business’s quarterly revenue was up 23.2% on a year-over-year basis. As a group, equities research analysts expect that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO James Shen sold 2,538 shares of GitLab stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $38.08, for a total transaction of $96,647.04. Following the sale, the chief financial officer directly owned 52,284 shares in the company, valued at $1,990,974.72. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Simon Mundy sold 2,756 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $38.42, for a total transaction of $105,885.52. Following the completion of the sale, the chief accounting officer directly owned 47,184 shares of the company’s stock, valued at $1,812,809.28. The trade was a 5.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 603,744 shares of company stock valued at $22,536,495. Company insiders own 16.37% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently bought and sold shares of the stock. Allworth Financial LP raised its position in shares of GitLab by 124.1% during the 3rd quarter. Allworth Financial LP now owns 558 shares of the company’s stock worth $25,000 after buying an additional 309 shares in the last quarter. Quarry LP bought a new position in shares of GitLab in the third quarter valued at approximately $31,000. Lodestone Wealth Management LLC acquired a new position in shares of GitLab during the fourth quarter valued at approximately $36,000. Farther Finance Advisors LLC increased its stake in shares of GitLab by 284.3% during the third quarter. Farther Finance Advisors LLC now owns 907 shares of the company’s stock valued at $41,000 after acquiring an additional 671 shares during the period. Finally, Global Retirement Partners LLC raised its holdings in GitLab by 84.1% during the third quarter. Global Retirement Partners LLC now owns 974 shares of the company’s stock worth $44,000 after purchasing an additional 445 shares in the last quarter. Institutional investors and hedge funds 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.