GitLab (NASDAQ:GTLB) Given New $27.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered its price target on GitLab from $30 to $27 while keeping a neutral rating, implying about 17% upside from the prior close.
• GitLab shares were down 10% in Wednesday trading, even though the company recently reported earnings and revenue that beat analyst expectations.
• Insider selling has been notable, with directors Matthew Jacobson and Sytse Sijbrandij among those selling shares, while institutional ownership remains high at 95.04%.

GitLab (NASDAQ:GTLB - Get Free Report) had its price target reduced by investment analysts at Cantor Fitzgerald from $30.00 to $27.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Cantor Fitzgerald's target price would indicate a potential upside of 16.98% from the company's previous close.

Other analysts have also issued reports about the stock. Needham & Company LLC reiterated a "buy" rating and set a $32.00 price target on shares of GitLab in a research note on Monday, April 13th. TD Cowen cut shares of GitLab from a "buy" rating to a "hold" rating and set a $29.00 price objective for the company. in a report on Monday, March 2nd. Truist Financial cut their target price on shares of GitLab from $35.00 to $25.00 and set a "hold" rating on the stock in a research note on Wednesday, March 4th. Sanford C. Bernstein reduced their target price on shares of GitLab from $70.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, March 4th. Finally, Mizuho decreased their price target on shares of GitLab from $30.00 to $26.00 and set a "neutral" rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eighteen have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $37.08.

GitLab Stock Down 10.0%

NASDAQ:GTLB opened at $23.08 on Wednesday. GitLab has a 52 week low of $18.73 and a 52 week high of $54.08. The stock's fifty day moving average is $22.60 and its two-hundred day moving average is $32.50. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of -65.94 and a beta of 0.82.

GitLab (NASDAQ:GTLB - Get Free Report) last issued 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. GitLab had a negative return on equity of 1.73% and a negative net margin of 5.86%.The business had revenue of $260.40 million during the quarter, compared to analysts' expectations of $252.31 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The company's revenue was up 23.2% on a year-over-year basis. On average, sell-side analysts expect that GitLab will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Jacobson sold 459,799 shares of the firm's stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $22.37, for a total value of $10,285,703.63. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Sytse Sijbrandij sold 116,200 shares of GitLab stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $20.77, for a total transaction of $2,413,474.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,330,408 shares of company stock worth $30,309,342 over the last 90 days. Insiders own 10.64% of the company's stock.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently modified their holdings of GTLB. Goldman Sachs Group Inc. raised its stake in GitLab by 1.6% in the first quarter. Goldman Sachs Group Inc. now owns 776,521 shares of the company's stock valued at $36,496,000 after buying an additional 12,200 shares in the last quarter. Woodline Partners LP acquired a new position in shares of GitLab during the 1st quarter worth about $314,000. Russell Investments Group Ltd. boosted its position in shares of GitLab by 31.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,112 shares of the company's stock worth $321,000 after acquiring an additional 1,709 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of GitLab by 17.0% in the 2nd quarter. California Public Employees Retirement System now owns 167,870 shares of the company's stock valued at $7,573,000 after acquiring an additional 24,448 shares during the last quarter. Finally, State Street Corp raised its position in shares of GitLab by 7.0% during the 2nd quarter. State Street Corp now owns 2,283,597 shares of the company's stock worth $103,013,000 after acquiring an additional 148,713 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

About GitLab

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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