Truist Financial Cuts GitLab (NASDAQ:GTLB) Price Target to $25.00

GitLab (NASDAQ:GTLB) had its price objective lowered by Truist Financial from $35.00 to $25.00 in a research note published on Wednesday, Marketbeat.com reports. The brokerage currently has a hold rating on the stock.

A number of other equities analysts have also weighed in on GTLB. Sanford C. Bernstein cut their target price on shares of GitLab from $70.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday. Macquarie Infrastructure cut shares of GitLab from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $70.00 to $40.00 in a research note on Wednesday, December 3rd. KeyCorp downgraded shares of GitLab from an “overweight” rating to a “sector weight” rating in a report on Tuesday, December 16th. Rosenblatt Securities reduced their price objective on shares of GitLab from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Wolfe Research reissued an “outperform” rating and set a $50.00 target price on shares of GitLab in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, GitLab currently has an average rating of “Hold” and an average price target of $39.96.

GitLab Price Performance

NASDAQ:GTLB opened at $24.91 on Wednesday. The company has a market capitalization of $4.19 billion, a P/E ratio of -71.17 and a beta of 0.79. The business has a fifty day simple moving average of $32.39 and a two-hundred day simple moving average 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 results on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $252.31 million. GitLab had a negative return on equity of 1.79% and a negative net margin of 5.86%.The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 EPS. As a group, analysts anticipate that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Matthew Jacobson sold 334,827 shares of the company’s stock in a transaction dated 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 firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $28.41, for a total value of $1,542,663.00. The disclosure for this sale is available in the SEC filing. Insiders sold 603,744 shares of company stock valued at $22,536,495 over the last 90 days. Insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of GTLB. Alpine Global Management LLC purchased a new position in GitLab in the 4th quarter worth approximately $338,000. Pacer Advisors Inc. purchased a new stake in shares of GitLab during the 4th quarter valued at $14,788,000. Kera Capital Partners Inc. bought a new stake in shares of GitLab during the 4th quarter worth $224,000. Invesco Ltd. lifted its holdings in shares of GitLab by 16.0% during the 4th quarter. Invesco Ltd. now owns 167,136 shares of the company’s stock worth $6,273,000 after acquiring an additional 23,035 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its position in GitLab by 650.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 60,691 shares of the company’s stock worth $2,278,000 after acquiring an additional 52,608 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.