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

GitLab (NASDAQ:GTLB) was upgraded by stock analysts at 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 analysts have also weighed in on GTLB. Rosenblatt Securities upped their price objective on GitLab from $43.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Royal Bank Of Canada increased their target price on GitLab from $46.00 to $60.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 2nd. TD Cowen lifted their target price on GitLab from $29.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, August 27th. UBS Group set a $64.00 price target on GitLab in a report on Friday, October 23rd. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of GitLab in a research note on Wednesday, September 2nd. Seven research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $52.33.

GitLab Stock Performance

Shares of GitLab stock opened at $52.43 on Tuesday. The company has a market capitalization of $8.73 billion, a P/E ratio of -163.83 and a beta of 0.96. The company has a fifty day moving average of $50.72 and a 200 day moving average of $34.42. GitLab has a fifty-two week low of $18.73 and a fifty-two week high of $58.01.

GitLab (NASDAQ:GTLB) last issued 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 return on equity of 1.28% and a negative net margin of 4.99%. GitLab’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 EPS. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. Analysts forecast that GitLab will post -0.29 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CAO Simon Mundy sold 8,725 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $38.00, for a total transaction of $331,550.00. Following the completion of the transaction, the chief accounting officer owned 105,332 shares of the company’s stock, valued at $4,002,616. This represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 the firm’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $45.78, for a total value of $2,376,668.70. Following the transaction, the chief technology officer owned 377,211 shares of the company’s stock, valued at approximately $17,268,719.58. The trade was a 12.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 2,293,040 shares of company stock worth $109,988,468. Insiders own 10.64% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. Lido Advisors LLC bought a new position in GitLab during the third quarter valued at approximately $350,000. AlphaCore Capital LLC purchased a new position in GitLab during the 3rd quarter valued at approximately $219,000. Fulcrum Asset Management LLP grew its holdings in GitLab by 4,491.5% during the 3rd quarter. Fulcrum Asset Management LLP now owns 7,025 shares of the company’s stock valued at $328,000 after buying an additional 6,872 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in GitLab by 38.1% during the 3rd quarter. Pictet Asset Management Holding SA now owns 1,969,472 shares of the company’s stock valued at $93,058,000 after buying an additional 543,451 shares in the last quarter. Finally, CenterBook Partners LP grew its holdings in GitLab by 747.7% during the 3rd quarter. CenterBook Partners LP now owns 69,417 shares of the company’s stock valued at $3,280,000 after buying an additional 61,228 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Company Profile

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.