GitLab (NASDAQ:GTLB) Given New $70.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has reduced its price target for GitLab from $76.00 to $70.00, though it maintains a "buy" rating on the stock, indicating a potential upside of 49.22% from its previous close.
• Multiple brokerages have revised their ratings and price targets for GitLab, with a consensus showing 19 "buy" ratings and a current average price target of $59.30.
• GitLab's shares recently opened at $46.91, representing a 1.6% decline, while the company reported a quarterly revenue increase of 26.8% year-over-year, achieving $214.51 million.

GitLab (NASDAQ:GTLB - Free Report) had its price objective trimmed by Canaccord Genuity Group from $76.00 to $70.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently issued reports on GTLB. Truist Financial restated a "buy" rating and set a $75.00 target price (down from $80.00) on shares of GitLab in a research report on Wednesday, June 11th. Piper Sandler restated an "overweight" rating and set a $85.00 target price on shares of GitLab in a research report on Wednesday, June 11th. JPMorgan Chase & Co. lowered their price target on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, June 11th. Rosenblatt Securities assumed coverage on shares of GitLab in a report on Tuesday, July 15th. They set a "buy" rating and a $58.00 price target on the stock. Finally, Needham & Company LLC lowered their price target on shares of GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Nineteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.39.

GitLab Trading Up 5.2%

Shares of GTLB stock traded up $2.27 during trading hours on Thursday, hitting $45.73. The company's stock had a trading volume of 7,975,383 shares, compared to its average volume of 5,623,291. The stock has a market cap of $7.55 billion, a PE ratio of -1,143.25 and a beta of 0.75. The company has a 50 day moving average of $44.79 and a 200 day moving average of $47.19. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18.

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

Insider Buying and Selling at GitLab

In related news, Director Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $41.44, for a total transaction of $4,500,384.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the transaction, the director owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 464,950 shares of company stock valued at $20,025,356 over the last ninety days. Corporate insiders own 16.37% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of GitLab by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock worth $631,936,000 after purchasing an additional 302,864 shares during the last quarter. Eminence Capital LP raised its position in shares of GitLab by 148.9% during the 2nd quarter. Eminence Capital LP now owns 6,218,607 shares of the company's stock worth $280,521,000 after purchasing an additional 3,720,406 shares during the last quarter. HMI Capital Management L.P. raised its position in shares of GitLab by 32.3% during the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company's stock worth $264,283,000 after purchasing an additional 1,430,151 shares during the last quarter. Champlain Investment Partners LLC raised its position in shares of GitLab by 251.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock worth $203,545,000 after purchasing an additional 3,227,717 shares during the last quarter. Finally, Atreides Management LP raised its position in shares of GitLab by 867.3% during the 2nd 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 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.