Raymond James Financial Cuts GitLab (NASDAQ:GTLB) Price Target to $55.00

Key Points

• Raymond James Financial has reduced its price target for GitLab (NASDAQ:GTLB) from $60.00 to $55.00, indicating a potential upside of 17.25% from the stock's previous close.
• Analysts have varied opinions on GitLab, with 19 Buy ratings, 5 Hold ratings, and 1 Sell rating, leading to an average price target of $59.30.
• GitLab's latest quarterly earnings report exceeded expectations, with a revenue of $214.51 million, representing a year-over-year increase of 26.8%.

GitLab (NASDAQ:GTLB - Free Report) had its price target trimmed by Raymond James Financial from $60.00 to $55.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

GTLB has been the subject of a number of other reports. Barclays reduced their price objective on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research note on Wednesday, June 11th. BTIG Research dropped their target price on GitLab from $67.00 to $57.00 and set a "buy" rating on the stock in a report on Thursday. Macquarie reiterated an "outperform" rating and issued a $75.00 target price on shares of GitLab in a report on Wednesday, June 25th. Wells Fargo & Company dropped their target price on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Finally, Truist Financial reiterated a "buy" rating and issued a $75.00 target price (down previously from $80.00) on shares of GitLab in a report on Wednesday, June 11th. Nineteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.39.

GitLab Trading Up 5.2%

GTLB stock traded up $2.27 during mid-day trading on Thursday, reaching $45.73. 7,975,383 shares of the stock traded hands, compared to its average volume of 5,623,291. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18. The company has a market cap of $7.55 billion, a P/E ratio of -1,143.25 and a beta of 0.75. The stock's fifty day moving average is $44.79 and its 200-day moving average is $47.19.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. GitLab had a negative net margin of 0.55% and a negative return on equity of 2.80%. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the prior year, the firm earned $0.03 earnings per share. The business's quarterly revenue was up 26.8% on a year-over-year basis. GitLab has set its FY 2026 guidance at 0.740-0.750 EPS. Q2 2026 guidance at 0.160-0.17 EPS. Equities research analysts expect that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Jacobson sold 129,400 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00. Following the transaction, the director owned 551,997 shares in the company, valued at approximately $23,360,513.04. This represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director owned 103,889 shares in the company, valued at $4,675,005. This represents a 3.03% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 464,950 shares of company stock worth $20,025,356. Insiders own 16.37% of the company's stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in GitLab by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock worth $631,936,000 after buying an additional 302,864 shares during the last quarter. Eminence Capital LP increased its holdings in GitLab by 148.9% in the second quarter. Eminence Capital LP now owns 6,218,607 shares of the company's stock worth $280,521,000 after buying an additional 3,720,406 shares during the last quarter. HMI Capital Management L.P. increased its holdings in GitLab by 32.3% in the second quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company's stock worth $264,283,000 after buying an additional 1,430,151 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in GitLab by 251.3% in the second quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock worth $203,545,000 after buying an additional 3,227,717 shares during the last quarter. Finally, Atreides Management LP increased its holdings in GitLab by 867.3% in the second quarter. Atreides Management LP now owns 3,938,198 shares of the company's stock worth $177,652,000 after buying an additional 3,531,070 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.