GitLab’s (GTLB) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of GitLab (NASDAQ:GTLB) in a research report released on Monday morning,Benzinga reports. The firm currently has a $32.00 price objective on the stock.

Several other equities research analysts also recently commented on GTLB. Wells Fargo & Company reduced their target price on GitLab from $45.00 to $26.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. Sanford C. Bernstein reduced their target price on GitLab from $70.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, March 4th. TD Cowen downgraded GitLab from a “buy” rating to a “hold” rating and set a $29.00 target price for the company. in a report on Monday, March 2nd. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of GitLab in a report on Wednesday, March 4th. Finally, Royal Bank Of Canada reduced their target price on GitLab from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fourteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $39.62.

GitLab Stock Up 3.1%

Shares of NASDAQ GTLB opened at $20.03 on Monday. GitLab has a 12 month low of $18.73 and a 12 month high of $54.08. The company has a market cap of $3.41 billion, a price-to-earnings ratio of -57.23 and a beta of 0.85. The business has a fifty day simple moving average of $25.03 and a 200-day simple moving average of $35.66.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $252.31 million. During the same period in the prior year, the business posted $0.33 earnings per share. GitLab’s revenue was up 23.2% compared to the same quarter last year. As a group, sell-side analysts expect that GitLab will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In related news, Director Matthew Jacobson sold 700,109 shares of the company’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $22.95, for a total transaction of $16,067,501.55. Following the transaction, the director directly owned 325 shares of the company’s stock, valued at approximately $7,458.75. The trade was a 99.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sytse Sijbrandij sold 54,300 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $28.41, for a total value of $1,542,663.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,268,508 shares of company stock worth $29,848,496 over the last three months. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in GitLab in the 3rd quarter worth about $2,029,000. Nordea Investment Management AB increased its position in GitLab by 85.5% in the 3rd quarter. Nordea Investment Management AB now owns 1,132,977 shares of the company’s stock worth $51,392,000 after purchasing an additional 522,075 shares during the last quarter. HMI Capital Management L.P. increased its position in GitLab by 32.3% in the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock worth $264,283,000 after purchasing an additional 1,430,151 shares during the last quarter. Penserra Capital Management LLC increased its position in GitLab by 740.7% in the 3rd quarter. Penserra Capital Management LLC now owns 88,556 shares of the company’s stock worth $3,991,000 after purchasing an additional 78,023 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of GitLab during the 3rd quarter worth about $5,739,000. 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.