Needham & Company LLC Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

Key Points

• Needham & Company LLC raised its price target on GitLab from $32 to $38 and kept a buy rating, implying about 19% upside from the prior close.
• GitLab recently reported better-than-expected quarterly results, with EPS of $0.23 versus $0.20 expected and revenue of $264.2 million versus $254.2 million expected, while sales rose 23.2% year over year.
• Despite the upbeat earnings and analyst optimism, Wall Street’s overall view remains cautious-to-neutral, with a consensus rating of Hold and a consensus price target of $37.69.

GitLab (NASDAQ:GTLB - Get Free Report) had its price target increased by stock analysts at Needham & Company LLC from $32.00 to $38.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 19.42% from the stock's previous close.

Several other equities research analysts also recently commented on the stock. Sanford C. Bernstein cut their target price on shares of GitLab from $70.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 4th. Wells Fargo & Company cut their target price on GitLab from $45.00 to $26.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 4th. BTIG Research upped their price target on GitLab from $30.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday. TD Cowen downgraded GitLab from a "buy" rating to a "hold" rating and set a $29.00 price objective for the company. in a research report on Monday, March 2nd. Finally, DA Davidson set a $24.00 target price on GitLab in a report on Thursday, March 5th. One research 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $37.69.

GitLab Stock Performance

Shares of GTLB stock opened at $31.82 on Wednesday. The company has a market cap of $5.41 billion, a PE ratio of -90.91 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. The stock's fifty day moving average price is $23.30 and its two-hundred day moving average price is $30.43.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Tuesday, June 2nd. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.03. The company had revenue of $264.16 million during the quarter, compared to the consensus estimate of $254.23 million. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.73%. The company's revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. GitLab has set its Q2 2027 guidance at 0.170-0.180 EPS. On average, equities analysts predict that GitLab will post -0.33 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In related news, Director Sytse Sijbrandij sold 116,200 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $24.85, for a total value of $2,887,570.00. Following the sale, the director owned 15,018,251 shares in the company, valued at $373,203,537.35. This represents a 0.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 459,799 shares of the firm's stock in a transaction 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 SEC filing for this sale provides additional information. Insiders sold a total of 1,392,308 shares of company stock valued at $31,654,249 in the last quarter. 10.64% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Several hedge funds have recently added to or reduced their stakes in GTLB. Allworth Financial LP grew its position in shares of GitLab by 124.1% during the 3rd quarter. Allworth Financial LP now owns 558 shares of the company's stock valued at $25,000 after acquiring an additional 309 shares during the period. Quarry LP bought a new position in GitLab during the third quarter valued at $31,000. Fifth Third Bancorp increased its position in GitLab by 220.6% in the first quarter. Fifth Third Bancorp now owns 1,603 shares of the company's stock worth $35,000 after buying an additional 1,103 shares during the last quarter. Lodestone Wealth Management LLC bought a new stake in shares of GitLab in the fourth quarter valued at $36,000. Finally, Larson Financial Group LLC lifted its position in shares of GitLab by 92.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,000 shares of the company's stock valued at $45,000 after buying an additional 481 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

GitLab News Roundup

Here are the key news stories impacting GitLab this week:

• Positive Sentiment: GitLab beat first-quarter fiscal 2027 expectations, reporting $0.23 in adjusted EPS versus $0.20 expected and revenue of $264.2 million versus $254.2 million expected, with sales up 23.2% year over year. GitLab earnings report and transcript
• Positive Sentiment: Management issued second-quarter fiscal 2027 guidance above Wall Street expectations, with EPS guidance of $0.17-$0.18 versus $0.13 consensus and revenue guidance of $272 million-$274 million around consensus. GitLab Q1 fiscal 2027 financial results
• Positive Sentiment: Rosenblatt Securities reiterated a Buy rating and set a $43 price target, reinforcing a bullish Wall Street view after the report. Rosenblatt Securities rating update
• Neutral Sentiment: Investors also appeared to position ahead of earnings, with unusually heavy call-option activity suggesting speculation around the results rather than a fundamental change. Pre-earnings positioning
• Negative Sentiment: GitLab said it will cut about 14% of its workforce, or roughly 350 employees, and exit 22 countries as part of an AI-focused restructuring, which may signal near-term execution and cost pressures even as it supports longer-term efficiency. WSJ workforce reduction article

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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