GitLab (NASDAQ:GTLB) Given Buy Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed its Buy rating on GitLab and kept a $43 price target, implying about 29.7% upside from the prior close.
• GitLab shares rose 6.8% to $33.15 in Monday trading, after the company recently reported quarterly earnings and revenue that both beat analyst expectations.
• Analyst sentiment remains mixed overall: GitLab’s consensus rating is still Hold, with an average target price of $37.08, while insiders have also been selling shares in recent months.

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Rosenblatt Securities in a report released on Monday,Benzinga reports. They presently have a $43.00 target price on the stock. Rosenblatt Securities' price objective would indicate a potential upside of 29.72% from the stock's previous close.

Several other equities research analysts also recently issued reports on the stock. Raymond James Financial reiterated a "market perform" rating on shares of GitLab in a research note on Tuesday, May 19th. BTIG Research decreased their price objective on shares of GitLab from $32.00 to $30.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Piper Sandler downgraded shares of GitLab from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $55.00 to $28.00 in a research note on Wednesday, March 4th. Wells Fargo & Company decreased their price objective on shares of GitLab from $45.00 to $26.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 4th. Finally, Morgan Stanley decreased their price objective on shares of GitLab from $38.00 to $29.00 and set a "cautious" rating for the company in a research note on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eighteen have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $37.08.

GitLab Stock Up 6.8%

Shares of NASDAQ:GTLB traded up $2.10 during trading on Monday, reaching $33.15. The stock had a trading volume of 4,408,256 shares, compared to its average volume of 6,036,101. The business has a fifty day moving average price of $23.09 and a 200-day moving average price of $30.52. The stock has a market cap of $5.64 billion, a P/E ratio of -95.01 and a beta of 0.96. GitLab has a fifty-two week low of $18.73 and a fifty-two week high of $52.38.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.07. The business had revenue of $260.40 million during the quarter, compared to analyst estimates of $252.31 million. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.73%. The company's revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 earnings per share. As a group, equities analysts forecast that GitLab will post -0.33 EPS for the current year.

Insiders Place Their Bets

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of the 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 sale, the director directly owned 15,018,251 shares of the company's stock, valued at approximately $373,203,537.35. This represents a 0.77% decrease in their ownership of the stock. The sale 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, Director Matthew Jacobson sold 700,109 shares of the 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 sale, the director directly owned 325 shares in the company, valued at $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. Over the last three months, insiders have sold 1,392,308 shares of company stock worth $31,654,249. Corporate insiders own 10.64% of the company's stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP grew its position in shares of GitLab by 124.1% during the third quarter. Allworth Financial LP now owns 558 shares of the company's stock worth $25,000 after acquiring an additional 309 shares during the last quarter. Quarry LP bought a new position in shares of GitLab during the third quarter worth about $31,000. Lodestone Wealth Management LLC bought a new position in shares of GitLab during the fourth quarter worth about $36,000. Larson Financial Group LLC grew its position in shares of GitLab by 92.7% during the third quarter. Larson Financial Group LLC now owns 1,000 shares of the company's stock worth $45,000 after acquiring an additional 481 shares during the last quarter. Finally, Advisory Services Network LLC bought a new position in shares of GitLab during the third quarter worth about $48,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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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