Zacks Research Upgrades GitLab (NASDAQ:GTLB) to "Hold"

GitLab (NASDAQ:GTLB - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday, Zacks reports.

Several other research analysts have also recently weighed in on GTLB. Bank of America boosted their price objective on shares of GitLab from $45.00 to $54.00 and gave the company a "neutral" rating in a report on Wednesday, September 2nd. Piper Sandler raised their target price on shares of GitLab from $28.00 to $52.00 and gave the stock a "neutral" rating in a report on Wednesday, September 2nd. JPMorgan Chase & Co. lifted their target price on shares of GitLab from $32.00 to $44.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 26th. TD Cowen boosted their target price on shares of GitLab from $29.00 to $42.00 and gave the company a "hold" rating in a research note on Thursday, August 27th. Finally, Mizuho boosted their target price on shares of GitLab from $34.00 to $47.00 and gave the company a "neutral" rating in a research note on Wednesday, September 2nd. Seven analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $52.33.

GitLab Stock Performance

NASDAQ GTLB opened at $52.43 on Tuesday. GitLab has a one year low of $18.73 and a one year high of $58.01. The stock has a 50-day moving average of $50.72 and a 200 day moving average of $34.42. The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of -163.83 and a beta of 0.96.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share 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 was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $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. On average, equities analysts predict that GitLab will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, Director Sytse Sijbrandij sold 116,200 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $53.27, for a total value of $6,189,974.00. Following the transaction, the director owned 12,669,651 shares in the company, valued at $674,912,308.77. This represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Simon Mundy sold 8,725 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was 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 directly owned 105,332 shares in the company, valued at approximately $4,002,616. The trade was a 7.65% 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. Insiders sold a total of 2,293,040 shares of company stock worth $109,988,468 in the last three months. 10.64% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tsfg LLC purchased a new position in shares of GitLab during the 2nd quarter valued at about $31,000. Fifth Third Bancorp increased its holdings in GitLab by 220.6% in the 1st quarter. Fifth Third Bancorp now owns 1,603 shares of the company's stock worth $35,000 after acquiring an additional 1,103 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in GitLab in the 3rd quarter worth approximately $35,000. Versant Capital Management Inc raised its stake in GitLab by 300.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,867 shares of the company's stock worth $57,000 after acquiring an additional 1,401 shares during the period. Finally, Summit Securities Group LLC raised its stake in GitLab by 409.9% during the 1st quarter. Summit Securities Group LLC now owns 3,000 shares of the company's stock worth $65,000 after acquiring an additional 3,968 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.

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