UBS Group Cuts GitLab (NASDAQ:GTLB) Price Target to $44.00

GitLab (NASDAQ:GTLB) had its target price lowered by UBS Group from $51.00 to $44.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. Zacks Research cut GitLab from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Canaccord Genuity Group dropped their price objective on GitLab from $70.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday. Wells Fargo & Company cut their price objective on GitLab from $45.00 to $26.00 and set an “equal weight” rating for the company in a research report on Wednesday. Morgan Stanley set a $38.00 target price on GitLab in a research note on Thursday, February 19th. Finally, KeyCorp cut shares of GitLab from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $39.96.

GitLab Stock Performance

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

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.79%. The business had revenue of $260.40 million during the quarter, compared to the consensus estimate of $252.31 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The company’s revenue was up 23.2% compared to the same quarter last year. Research analysts predict that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 54,300 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $28.41, for a total transaction of $1,542,663.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Jacobson sold 334,827 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $38.08, for a total value of $12,750,212.16. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 603,744 shares of company stock worth $22,536,495 in the last quarter. Corporate insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of GitLab in the third quarter worth about $2,029,000. Nordea Investment Management AB grew its stake in GitLab by 85.5% during the 3rd quarter. Nordea Investment Management AB now owns 1,132,977 shares of the company’s stock valued at $51,392,000 after acquiring an additional 522,075 shares in the last quarter. HMI Capital Management L.P. grew its stake in GitLab by 32.3% during the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock valued at $264,283,000 after acquiring an additional 1,430,151 shares in the last quarter. Penserra Capital Management LLC raised its holdings in GitLab by 740.7% in the 3rd quarter. Penserra Capital Management LLC now owns 88,556 shares of the company’s stock valued at $3,991,000 after acquiring an additional 78,023 shares during the last quarter. Finally, iA Global Asset Management Inc. purchased a new position in GitLab in the 3rd quarter worth approximately $6,406,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.