Brokerages Set GitLab Inc. (NASDAQ:GTLB) Price Target at $37.08

GitLab Inc. (NASDAQ:GTLB) has received an average rating of “Hold” from the thirty analysts that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a sell recommendation, eighteen have assigned a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $37.0769.

GTLB has been the subject of a number of research analyst reports. UBS Group cut GitLab from a “buy” rating to a “neutral” rating and cut their price target for the company from $44.00 to $24.00 in a report on Thursday, April 16th. Zacks Research cut GitLab from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. TD Cowen cut GitLab from a “buy” rating to a “hold” rating and set a $29.00 target price for the company. in a research note on Monday, March 2nd. BTIG Research lowered their target price on GitLab from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Finally, Morgan Stanley lowered their target price on GitLab from $38.00 to $29.00 and set a “cautious” rating for the company in a research note on Monday, March 9th.

Insider Buying and Selling at GitLab

In other news, Director Sytse Sijbrandij sold 116,200 shares of GitLab stock in a transaction on Monday, May 18th. The stock was sold at an average price of $24.85, for a total value of $2,887,570.00. Following the completion of the sale, the director directly owned 15,018,251 shares of the company’s stock, valued at approximately $373,203,537.35. This trade represents a 0.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 459,799 shares of GitLab stock in a transaction on Friday, March 20th. The shares were sold at an average price of $22.37, for a total value of $10,285,703.63. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,392,308 shares of company stock valued at $31,654,249 over the last three months. Insiders own 10.64% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE increased its stake in shares of GitLab by 55.3% in the 1st quarter. Bank of America Corp DE now owns 1,955,648 shares of the company’s stock valued at $42,320,000 after buying an additional 696,096 shares during the period. Bull Harbor Capital LLC acquired a new stake in shares of GitLab during the first quarter worth $468,000. Amundi grew its stake in shares of GitLab by 66.5% during the first quarter. Amundi now owns 97,157 shares of the company’s stock worth $2,102,000 after purchasing an additional 38,819 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of GitLab by 28.5% during the first quarter. EverSource Wealth Advisors LLC now owns 7,731 shares of the company’s stock worth $167,000 after purchasing an additional 1,713 shares during the period. Finally, California State Teachers Retirement System grew its stake in shares of GitLab by 21.7% during the first quarter. California State Teachers Retirement System now owns 154,699 shares of the company’s stock worth $3,348,000 after purchasing an additional 27,624 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Stock Up 4.3%

GitLab stock opened at $26.73 on Friday. The stock has a 50-day simple moving average of $22.58 and a 200 day simple moving average of $31.30. GitLab has a 12-month low of $18.73 and a 12-month high of $52.38. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of -76.37 and a beta of 0.82.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, March 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. GitLab had a negative return on equity of 1.73% 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 period in the previous year, the business posted $0.33 earnings per share. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that GitLab will post -0.33 EPS for the current year.

About GitLab

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.