GitLab (NASDAQ:GTLB) Raised to Hold at Zacks Research

GitLab (NASDAQ:GTLB) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks reports.

A number of other equities research analysts also recently weighed in on the company. Cantor Fitzgerald raised their price target on GitLab from $35.00 to $50.00 and gave the stock a “neutral” rating in a research note on Monday, August 31st. Wells Fargo & Company increased their price target on shares of GitLab from $40.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 2nd. Royal Bank Of Canada lifted their price objective on shares of GitLab from $46.00 to $60.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 2nd. Mizuho upped their price objective on shares of GitLab from $34.00 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, September 2nd. Finally, Piper Sandler upped their target price on GitLab from $28.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $52.33.

GitLab Trading Up 0.1%

NASDAQ:GTLB opened at $52.43 on Tuesday. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of -163.83 and a beta of 0.96. GitLab has a 1-year low of $18.73 and a 1-year high of $58.01. The business’s fifty day moving average price is $50.72 and its 200 day moving average price is $34.42.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.06. The business had revenue of $286.25 million during the quarter, compared to analyst estimates of $273.13 million. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The firm’s revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. Equities analysts forecast that GitLab will post -0.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Sytse Sijbrandij sold 980,710 shares of the firm’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $48.63, for a total value of $47,691,927.30. Following the completion of the sale, the director owned 13,921,341 shares of the company’s stock, valued at $676,994,812.83. This trade represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sivaprasad Padisetty sold 51,915 shares of GitLab stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the sale, the chief technology officer owned 377,211 shares of the company’s stock, valued at approximately $17,268,719.58. This represents a 12.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 2,293,040 shares of company stock valued at $109,988,468. Insiders own 10.64% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Sterling Capital Management LLC boosted its holdings in shares of GitLab by 4.9% during the 3rd quarter. Sterling Capital Management LLC now owns 4,499 shares of the company’s stock valued at $213,000 after acquiring an additional 210 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of GitLab by 24.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,181 shares of the company’s stock valued at $103,000 after buying an additional 433 shares during the period. Strengthening Families & Communities LLC raised its position in shares of GitLab by 2.2% during the third quarter. Strengthening Families & Communities LLC now owns 28,505 shares of the company’s stock worth $1,347,000 after purchasing an additional 622 shares during the period. HighTower Advisors LLC raised its holdings in GitLab by 7.6% during the second quarter. HighTower Advisors LLC now owns 10,291 shares of the company’s stock worth $314,000 after buying an additional 727 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of GitLab in the third quarter valued at $35,000. Institutional investors own 95.04% of the company’s stock.

About GitLab

GitLab Inc develops an integrated DevSecOps platform that helps organizations plan, create, secure, deploy and monitor software. Its platform brings source code management, project planning, continuous integration and continuous delivery, application security, compliance, and observability capabilities into a single application.

GitLab’s products are designed to support software development teams throughout the application lifecycle. Key offerings include repositories and collaboration tools, automated testing and deployment, vulnerability management, security testing, infrastructure and portfolio management, and artificial intelligence features intended to assist developers and other technology professionals.

Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, GitLab operates as an all-remote company and serves organizations globally across a range of industries and sizes.