BTIG Research Reiterates "Buy" Rating for GitLab (NASDAQ:GTLB)

Key Points

• BTIG Research reiterated a Buy rating on GitLab and kept its $36 price target, implying about 26% upside from the current share price.
• GitLab’s latest quarterly results topped expectations, with EPS of $0.23 versus the $0.20 estimate and revenue of $264.16 million, up 23.2% year over year.
• The stock was trading down 5.9% at $28.51, while broader analyst sentiment remains mixed: the consensus rating is Hold with a consensus price target of $36.64.

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at BTIG Research in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $36.00 price target on the stock. BTIG Research's target price would indicate a potential upside of 26.27% from the company's current price.

Other analysts also recently issued reports about the stock. Raymond James Financial reiterated a "market perform" rating on shares of GitLab in a report on Tuesday, May 19th. Wells Fargo & Company lowered their price objective on shares of GitLab from $45.00 to $26.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 4th. Barclays lowered their price objective on shares of GitLab from $29.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday, March 4th. Needham & Company LLC lifted their price objective on shares of GitLab from $32.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings upgraded shares of GitLab from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $36.64.

GitLab Stock Down 5.9%

NASDAQ GTLB opened at $28.51 on Thursday. GitLab has a 12-month low of $18.73 and a 12-month high of $52.38. The company has a market capitalization of $4.85 billion, a PE ratio of -178.19 and a beta of 0.96. The firm's 50 day moving average is $24.63 and its 200-day moving average is $29.78.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 2nd. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.03. GitLab had a negative net margin of 2.49% and a positive return on equity of 0.31%. The company had revenue of $264.16 million for the quarter, compared to the consensus estimate of $254.23 million. During the same period last year, the company earned $0.17 earnings per share. The firm's revenue was up 23.2% compared to the same quarter last year. GitLab has set its Q2 2027 guidance at 0.170-0.180 EPS. As a group, sell-side analysts expect that GitLab will post -0.18 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of GitLab stock in a transaction on Monday, May 18th. The shares were sold at an average price of $24.85, for a total transaction of $2,887,570.00. Following the completion of the transaction, the director directly owned 15,018,251 shares of the company's stock, valued at $373,203,537.35. The trade was a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 700,109 shares of GitLab 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. This trade represents a 99.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,392,308 shares of company stock valued at $31,654,249 over the last three months. 10.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. AQR Capital Management LLC boosted its position in GitLab by 766.3% during the fourth quarter. AQR Capital Management LLC now owns 5,433,375 shares of the company's stock worth $203,915,000 after purchasing an additional 4,806,163 shares during the period. Atreides Management LP boosted its position in GitLab by 867.3% during the second quarter. Atreides Management LP now owns 3,938,198 shares of the company's stock worth $177,652,000 after purchasing an additional 3,531,070 shares during the period. SG Americas Securities LLC boosted its position in GitLab by 6,528.0% during the first quarter. SG Americas Securities LLC now owns 3,135,394 shares of the company's stock worth $67,850,000 after purchasing an additional 3,088,089 shares during the period. Norges Bank bought a new position in GitLab during the fourth quarter worth $81,379,000. Finally, Technology Crossover Management X Ltd. boosted its position in GitLab by 491.4% during the fourth quarter. Technology Crossover Management X Ltd. now owns 1,922,114 shares of the company's stock worth $72,137,000 after purchasing an additional 1,597,114 shares during the period. 95.04% of the stock is owned by institutional investors.

GitLab Company Profile

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.

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