GitLab Inc. (NASDAQ:GTLB) Given Average Recommendation of "Hold" by Brokerages

Key Points

• GitLab has a consensus “Hold” rating from 28 analysts: 17 holds, 7 buys and 4 sells. The average 12-month price target is $51.75.
• GitLab shares opened at $50.27 and have risen sharply, with a 52-week range of $18.73 to $55.55. The stock was trading above both its 50-day and 200-day moving averages.
• The company beat quarterly expectations, reporting $0.24 in adjusted EPS versus $0.18 expected and $286.25 million in revenue versus $273.13 million forecast; revenue increased 21.3% year over year.

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have been given a consensus recommendation of "Hold" by the twenty-eight ratings firms that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a sell rating, seventeen have issued a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $51.75.

Several analysts recently commented on the stock. Guggenheim restated a "neutral" rating on shares of GitLab in a report on Wednesday, September 2nd. Weiss Ratings downgraded shares of GitLab from a "sell (d)" rating to a "sell (e+)" rating in a research report on Wednesday, September 2nd. Cantor Fitzgerald lifted their target price on shares of GitLab from $35.00 to $50.00 and gave the company a "neutral" rating in a research note on Monday, August 31st. Barclays boosted their price target on shares of GitLab from $25.00 to $47.00 and gave the company an "underweight" rating in a report on Wednesday, September 2nd. Finally, Zacks Research lowered GitLab from a "hold" rating to a "strong sell" rating in a report on Friday, September 4th.

Insider Buying and Selling at GitLab

In other news, CAO Simon Mundy sold 8,725 shares of GitLab stock in a transaction dated 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 sale, the chief accounting officer directly owned 105,332 shares in the company, valued at $4,002,616. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Atreides Management LP bought a new stake in shares of GitLab during the 2nd quarter worth about $102,983,000. SG Americas Securities LLC lifted its holdings in GitLab by 6,528.0% in the 1st 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 last quarter. Norges Bank acquired a new stake in GitLab in the 4th quarter worth approximately $81,379,000. 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in GitLab by 363.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,987,553 shares of the company's stock worth $60,680,000 after purchasing an additional 1,558,625 shares during the period. Institutional investors own 95.04% of the company's stock.

GitLab Trading Up 3.1%

NASDAQ:GTLB opened at $50.27 on Friday. The business's fifty day moving average price is $40.30 and its 200 day moving average price is $30.61. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -157.09 and a beta of 0.99. GitLab has a 1-year low of $18.73 and a 1-year high of $55.55.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.06. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%.The firm had revenue of $286.25 million during the quarter, compared to analyst estimates of $273.13 million. During the same period last year, the company posted $0.24 EPS. The business's quarterly revenue was up 21.3% compared to the same quarter last year. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. Equities analysts forecast that GitLab will post -0.28 earnings per share for the current year.

GitLab Company Profile

GitLab Inc NASDAQ: GTLB develops a software development and collaboration platform designed to help organizations plan, create, secure and deploy applications. Its platform brings together source code management, project planning, code review, continuous integration and continuous delivery (CI/CD), application security, compliance and monitoring capabilities in a unified DevSecOps environment.

GitLab serves businesses, government organizations and educational institutions across a range of industries and geographies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.