Rosenblatt Securities Reaffirms Buy Rating for GitLab (NASDAQ:GTLB)

Key Points

• Rosenblatt Securities has reaffirmed a "Buy" rating for GitLab (NASDAQ:GTLB) with a price target of $58.00, indicating a potential upside of 23.64% from its current price.
• GitLab reported $0.17 earnings per share for its latest quarter, exceeding analysts' expectations of $0.15, alongside a revenue increase of 26.8% year-over-year.
• In the past 90 days, insiders have sold 464,950 shares of GitLab, valued at over $20 million, raising concerns about insider confidence.

Rosenblatt Securities reaffirmed their buy rating on shares of GitLab (NASDAQ:GTLB - Free Report) in a research note released on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a $58.00 target price on the stock.

GTLB has been the subject of several other research reports. BTIG Research dropped their price target on shares of GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Canaccord Genuity Group dropped their price target on shares of GitLab from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday. Morgan Stanley increased their price target on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Piper Sandler reissued an "overweight" rating and issued a $85.00 price target on shares of GitLab in a research note on Wednesday, June 11th. Finally, Barclays dropped their price target 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. Nineteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and an average target price of $58.39.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded up $2.27 during midday trading 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 business's 50 day simple moving average is $44.79 and its 200 day simple moving average is $47.19. GitLab has a 12-month low of $37.90 and a 12-month 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.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. During the same quarter in the prior year, the company posted $0.03 EPS. The business's revenue for the quarter 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. On average, sell-side analysts predict that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.16, for a total value of $4,904,376.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the completion of the transaction, the director owned 551,997 shares of the company's stock, valued at $23,360,513.04. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 464,950 shares of company stock valued at $20,025,356. Company insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in GTLB. Cullen Frost Bankers Inc. lifted its holdings in GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after buying an additional 334 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in GitLab during the 1st quarter worth approximately $29,000. Twin Tree Management LP acquired a new stake in GitLab during the 1st quarter worth approximately $29,000. CoreCap Advisors LLC lifted its holdings in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares in the last quarter. Finally, Harbour Investments Inc. lifted its holdings in GitLab by 447.6% during the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after buying an additional 734 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Company Profile

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.