Needham & Company LLC Cuts GitLab (NASDAQ:GTLB) Price Target to $32.00

GitLab (NASDAQ:GTLB) had its price target decreased by Needham & Company LLC from $50.00 to $32.00 in a report issued on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research firms have also recently commented on GTLB. The Goldman Sachs Group dropped their target price on GitLab from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 3rd. Canaccord Genuity Group reiterated a “buy” rating and set a $70.00 price target on shares of GitLab in a research report on Wednesday, December 3rd. Morgan Stanley set a $38.00 price objective on GitLab in a report on Thursday, February 19th. Sanford C. Bernstein cut their price objective on GitLab from $70.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of GitLab in a research note on Monday, December 22nd. One equities 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $39.96.

GitLab Price Performance

Shares of GitLab stock opened at $24.91 on Wednesday. The stock has a market cap of $4.19 billion, a PE ratio of -71.17 and a beta of 0.79. The firm has a fifty day moving average price of $32.39 and a 200 day moving average price of $40.45. GitLab has a 1 year low of $23.10 and a 1 year high of $58.75.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $252.31 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. As a group, equities analysts expect that GitLab will post -0.31 EPS for the current year.

Insider Activity at GitLab

In other news, Director Matthew Jacobson sold 334,827 shares of GitLab stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $38.08, for a total value of $12,750,212.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sytse Sijbrandij sold 54,300 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $28.41, for a total value of $1,542,663.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 603,744 shares of company stock worth $22,536,495 in the last quarter. Corporate insiders own 16.37% 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 GTLB. Vanguard Group Inc. boosted its stake in GitLab by 9.2% during the 3rd quarter. Vanguard Group Inc. now owns 15,281,775 shares of the company’s stock worth $688,902,000 after purchasing an additional 1,285,881 shares during the last quarter. Eminence Capital LP raised its position in shares of GitLab by 6.9% in the fourth quarter. Eminence Capital LP now owns 7,702,226 shares of the company’s stock valued at $289,065,000 after buying an additional 494,497 shares during the last quarter. HMI Capital Management L.P. boosted its position in GitLab by 32.3% during the second quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock worth $264,283,000 after acquiring an additional 1,430,151 shares during the last quarter. Atreides Management LP boosted its position in GitLab by 38.9% during the third quarter. Atreides Management LP now owns 5,470,305 shares of the company’s stock worth $246,601,000 after acquiring an additional 1,532,107 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in GitLab by 766.3% during the 4th quarter. AQR Capital Management LLC now owns 5,433,375 shares of the company’s stock valued at $203,915,000 after acquiring an additional 4,806,163 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.