Wells Fargo & Company Cuts GitLab (NASDAQ:GTLB) Price Target to $55.00

Key Points

• Wells Fargo & Company has revised GitLab's price target down from $60.00 to $55.00 while maintaining an "overweight" rating, indicating a potential upside of 17.25% from its previous close.
• Other analysts have also lowered their price targets for GitLab, with Barclays setting a target of $47.00 and KeyCorp at $53.00.
• Despite recent price cuts, the consensus rating remains a "Moderate Buy," with GitLab showing a strong earnings report and significant institutional investor interest, owning over 95% of the stock.

GitLab (NASDAQ:GTLB - Get Free Report) had its price target cut by stock analysts at Wells Fargo & Company from $60.00 to $55.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target points to a potential upside of 17.25% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. Barclays lowered 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 report on Wednesday, June 11th. KeyCorp decreased their target price on shares of GitLab from $60.00 to $53.00 and set an "overweight" rating for the company in a research report on Thursday. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $50.00 target price on shares of GitLab in a research report on Tuesday, June 24th. Mizuho cut their target price on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, June 11th. Finally, Needham & Company LLC restated a "buy" rating and set a $55.00 target price on shares of GitLab in a research note on Thursday. Nineteen equities research 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. According to data from MarketBeat, GitLab has a consensus rating of "Moderate Buy" and an average price target of $59.09.

GitLab Trading Down 1.6%

Shares of GTLB stock opened at $46.91 on Thursday. The firm's 50 day moving average is $44.79 and its 200-day moving average is $47.70. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of 469.10 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the business 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. On average, equities research analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director owned 103,889 shares in the company, valued at approximately $4,675,005. The trade was a 3.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $45.16, for a total transaction of $4,904,376.00. The disclosure for this sale can be found here. Insiders have sold 464,950 shares of company stock valued at $20,025,356 in the last ninety days. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. lifted its position in shares of GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after acquiring an additional 334 shares during the period. Cloud Capital Management LLC acquired a new position in GitLab during the first quarter worth $29,000. Twin Tree Management LP acquired a new position in GitLab during the first quarter worth $29,000. CoreCap Advisors LLC raised its holdings in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares during the last quarter. Finally, Harbour Investments Inc. raised its holdings in GitLab by 447.6% during the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after buying an additional 734 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.

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