GitLab (NASDAQ:GTLB) Downgraded by Bank of America to Neutral

Bank of America cut shares of GitLab (NASDAQ:GTLB) from a buy rating to a neutral rating in a research note released on Wednesday, MarketBeat.com reports. The firm currently has $27.00 target price on the stock, down from their previous target price of $58.00.

A number of other brokerages have also issued reports on GTLB. Piper Sandler lowered GitLab from an “overweight” rating to a “neutral” rating and cut their target price for the company from $55.00 to $28.00 in a research report on Wednesday, March 4th. BTIG Research cut their target price on GitLab from $32.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Sanford C. Bernstein decreased their target price on GitLab from $70.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, March 4th. TD Cowen lowered GitLab from a “buy” rating to a “hold” rating and set a $29.00 price target on the stock. in a research report on Monday, March 2nd. Finally, Wells Fargo & Company dropped their price target on GitLab from $45.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seventeen have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.35.

GitLab Stock Up 0.9%

Shares of GTLB opened at $22.36 on Wednesday. The business’s 50 day moving average is $23.61 and its two-hundred day moving average is $34.54. GitLab has a 52-week low of $18.73 and a 52-week high of $54.08. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of -63.89 and a beta of 0.85.

GitLab (NASDAQ:GTLB) last announced its 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 company had revenue of $260.40 million for the quarter, compared to analyst estimates of $252.31 million. During the same period in the prior year, the company posted $0.33 EPS. GitLab’s quarterly revenue was up 23.2% on a year-over-year basis. On average, equities analysts expect that GitLab will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $20.77, for a total value of $2,413,474.00. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 459,799 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $22.37, for a total value of $10,285,703.63. The SEC filing for this sale provides additional information. Insiders sold 1,330,408 shares of company stock worth $30,309,342 over the last ninety days. 16.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its position in GitLab by 124.1% in the third quarter. Allworth Financial LP now owns 558 shares of the company’s stock worth $25,000 after buying an additional 309 shares during the period. Quarry LP acquired a new stake in GitLab in the third quarter worth $31,000. Lodestone Wealth Management LLC acquired a new stake in GitLab in the fourth quarter worth $36,000. Farther Finance Advisors LLC increased its position in GitLab by 284.3% in the third quarter. Farther Finance Advisors LLC now owns 907 shares of the company’s stock worth $41,000 after buying an additional 671 shares during the period. Finally, Global Retirement Partners LLC increased its position in GitLab by 84.1% in the third quarter. Global Retirement Partners LLC now owns 974 shares of the company’s stock worth $44,000 after buying an additional 445 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

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.