Sanford C. Bernstein Cuts GitLab (NASDAQ:GTLB) Price Target to $60.00

GitLab (NASDAQ:GTLB) had its price target decreased by Sanford C. Bernstein from $70.00 to $60.00 in a report published on Wednesday, MarketBeat Ratings reports. Sanford C. Bernstein currently has an outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. DA Davidson decreased their target price on shares of GitLab from $45.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, March 2nd. The Goldman Sachs Group decreased their price target on GitLab from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, December 3rd. Wells Fargo & Company lowered their price target on GitLab from $50.00 to $45.00 and set an “equal weight” rating for the company in a report on Wednesday, December 3rd. KeyCorp downgraded shares of GitLab from an “overweight” rating to a “sector weight” rating in a report on Tuesday, December 16th. Finally, Royal Bank Of Canada lowered their target price on shares of GitLab from $48.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $39.96.

GitLab Price Performance

GTLB stock opened at $24.91 on Wednesday. The company has a market capitalization of $4.19 billion, a PE ratio of -71.17 and a beta of 0.79. The firm’s 50-day moving average is $32.39 and its 200 day moving average is $40.45. GitLab has a 12 month low of $23.10 and a 12 month high of $58.75.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, March 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $260.40 million for the quarter, compared to the consensus estimate of $252.31 million. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.79%. The company’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the firm earned $0.33 earnings per share. Sell-side analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In other news, Director Susan L. Bostrom sold 30,000 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $39.25, for a total transaction of $1,177,500.00. Following the sale, the director directly owned 49,819 shares of the company’s stock, valued at $1,955,395.75. This represents a 37.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James Shen sold 2,538 shares of GitLab stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $38.08, for a total transaction of $96,647.04. Following the completion of the sale, the chief financial officer directly owned 52,284 shares in the company, valued at $1,990,974.72. This represents a 4.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 603,744 shares of company stock valued at $22,536,495 in the last quarter. 16.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently made changes to their positions in GTLB. Vanguard Group Inc. increased its stake in shares of GitLab by 9.2% during the third quarter. Vanguard Group Inc. now owns 15,281,775 shares of the company’s stock worth $688,902,000 after buying an additional 1,285,881 shares during the period. Eminence Capital LP raised its position in GitLab by 6.9% in the 4th quarter. Eminence Capital LP now owns 7,702,226 shares of the company’s stock valued at $289,065,000 after purchasing an additional 494,497 shares during the last quarter. HMI Capital Management L.P. boosted its stake in shares of GitLab by 32.3% during 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 period. Atreides Management LP grew its stake in shares of GitLab by 38.9% in the 3rd quarter. Atreides Management LP now owns 5,470,305 shares of the company’s stock valued at $246,601,000 after purchasing an additional 1,532,107 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in GitLab by 766.3% in the 4th quarter. AQR Capital Management LLC now owns 5,433,375 shares of the company’s stock valued at $203,915,000 after buying an additional 4,806,163 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.