GitLab (NASDAQ:GTLB) Given New $70.00 Price Target at Canaccord Genuity Group

GitLab (NASDAQ:GTLB) had its target price reduced by equities research analysts at Canaccord Genuity Group from $76.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 53.07% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Rosenblatt Securities began coverage on GitLab in a report on Tuesday, July 15th. They issued a “buy” rating and a $58.00 price objective on the stock. Needham & Company LLC lowered their price objective on GitLab from $85.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, June 11th. JPMorgan Chase & Co. lowered their price objective on GitLab from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Wednesday, June 11th. Mizuho lowered their price objective on GitLab from $72.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, June 11th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $85.00 price objective on shares of GitLab in a report on Wednesday, June 11th. Nineteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $58.39.

GitLab Stock Up 5.2%

Shares of GitLab stock opened at $45.73 on Thursday. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The business has a 50-day moving average price of $44.79 and a 200 day moving average price of $47.35. The firm has a market cap of $7.55 billion, a PE ratio of -1,143.25 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 2.80% and a negative net margin of 0.55%.The company had revenue of $214.51 million for the quarter, compared to analysts’ expectations of $213.21 million. During the same period in the previous year, the firm posted $0.03 EPS. GitLab’s revenue was up 26.8% compared to the same quarter last year. GitLab has set its FY 2026 guidance at 0.740-0.750 EPS. Q2 2026 guidance at 0.160-0.17 EPS. On average, sell-side analysts expect that GitLab will post -0.31 EPS for the current year.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director directly owned 103,889 shares in the company, valued at $4,675,005. The trade was a 3.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00. Following the transaction, the director owned 551,997 shares in the company, valued at approximately $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 464,950 shares of company stock worth $20,025,356 in the last ninety days. Insiders own 16.37% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors have recently made changes to their positions in GTLB. Eminence Capital LP raised its position in shares of GitLab by 148.9% during the 2nd quarter. Eminence Capital LP now owns 6,218,607 shares of the company’s stock valued at $280,521,000 after buying an additional 3,720,406 shares during the period. Atreides Management LP raised its position in shares of GitLab by 867.3% during the 2nd quarter. Atreides Management LP now owns 3,938,198 shares of the company’s stock valued at $177,652,000 after buying an additional 3,531,070 shares during the period. Champlain Investment Partners LLC raised its position in shares of GitLab by 251.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company’s stock valued at $203,545,000 after buying an additional 3,227,717 shares during the period. 1832 Asset Management L.P. raised its position in shares of GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock valued at $107,865,000 after buying an additional 2,205,238 shares during the period. Finally, Norges Bank purchased a new stake in shares of GitLab during the 2nd quarter valued at approximately $93,489,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.