BTIG Research Cuts GitLab (NASDAQ:GTLB) Price Target to $30.00

GitLab (NASDAQ:GTLB) had its price objective lowered by BTIG Research from $32.00 to $30.00 in a research report released on Wednesday,Benzinga reports. BTIG Research currently has a buy rating on the stock.

A number of other brokerages have also recently commented on GTLB. Barclays cut GitLab from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $42.00 to $34.00 in a report on Monday, January 12th. Mizuho lowered their price target on GitLab from $37.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday. Cantor Fitzgerald dropped their price objective on shares of GitLab from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, February 27th. KeyCorp cut shares of GitLab from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, December 16th. Finally, Needham & Company LLC reduced their target price on shares of GitLab from $50.00 to $32.00 and set a “buy” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $39.96.

GitLab Stock Down 1.8%

GitLab stock opened at $24.91 on Wednesday. The company’s 50-day moving average price is $32.39 and its 200-day moving average price is $40.45. The company has a market cap of $4.19 billion, a PE ratio of -71.17 and a beta of 0.79. GitLab has a twelve month low of $23.10 and a twelve month high of $58.75.

GitLab (NASDAQ:GTLB) last announced 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. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.79%. The firm had revenue of $260.40 million during the quarter, compared to the consensus estimate of $252.31 million. During the same quarter last year, the firm earned $0.33 EPS. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. As a group, sell-side analysts expect that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 54,300 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $28.41, for a total value of $1,542,663.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Jacobson sold 334,827 shares of the stock in a transaction 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 disclosure for this sale is available in the SEC filing. Insiders have sold 603,744 shares of company stock worth $22,536,495 over the last quarter. 16.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GTLB. Alpine Global Management LLC bought a new stake in GitLab during the 4th quarter valued at about $338,000. Pacer Advisors Inc. bought a new position in GitLab in the 4th quarter worth about $14,788,000. Kera Capital Partners Inc. bought a new position in GitLab in the 4th quarter worth about $224,000. Invesco Ltd. increased its position in shares of GitLab by 16.0% during the fourth 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 period. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of GitLab by 650.8% during 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 during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.