GitLab (NASDAQ:GTLB) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of GitLab (NASDAQ:GTLB) from a strong sell rating to a hold rating in a research report report published on Tuesday morning,Zacks reports.

GTLB has been the topic of a number of other reports. Piper Sandler upped their target price on GitLab from $28.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, September 2nd. Wells Fargo & Company raised their price target on shares of GitLab from $40.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 2nd. UBS Group set a $64.00 price target on shares of GitLab in a research note on Friday, October 23rd. Guggenheim restated a “neutral” rating on shares of GitLab in a research note on Wednesday, September 2nd. Finally, Rosenblatt Securities increased their price objective on shares of GitLab from $43.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Seven research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $52.33.

GitLab Stock Performance

GTLB stock opened at $52.43 on Tuesday. The stock has a 50-day simple moving average of $50.72 and a 200-day simple moving average of $34.42. The firm has a market cap of $8.73 billion, a P/E ratio of -163.83 and a beta of 0.96. GitLab has a 1 year low of $18.73 and a 1 year high of $58.01.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.06. The firm had revenue of $286.25 million during the quarter, compared to analysts’ expectations of $273.13 million. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%. GitLab’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. On average, equities research analysts predict that GitLab will post -0.29 EPS for the current year.

Insider Transactions at GitLab

In related news, CTO Sivaprasad Padisetty sold 51,915 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the sale, the chief technology officer directly owned 377,211 shares of the company’s stock, valued at approximately $17,268,719.58. This represents a 12.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Simon Mundy sold 8,725 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $38.00, for a total value of $331,550.00. Following the transaction, the chief accounting officer owned 105,332 shares in the company, valued at $4,002,616. This trade represents a 7.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 2,293,040 shares of company stock worth $109,988,468. 10.64% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Several institutional investors have recently added to or reduced their stakes in GTLB. Lido Advisors LLC bought a new stake in shares of GitLab during the 3rd quarter valued at about $350,000. AlphaCore Capital LLC bought a new position in GitLab in the third quarter worth about $219,000. Fulcrum Asset Management LLP lifted its holdings in GitLab by 4,491.5% in the third quarter. Fulcrum Asset Management LLP now owns 7,025 shares of the company’s stock worth $328,000 after acquiring an additional 6,872 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of GitLab by 38.1% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,969,472 shares of the company’s stock worth $93,058,000 after purchasing an additional 543,451 shares during the last quarter. Finally, CenterBook Partners LP grew its stake in GitLab by 747.7% during the 3rd quarter. CenterBook Partners LP now owns 69,417 shares of the company’s stock worth $3,280,000 after buying an additional 61,228 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

About GitLab

GitLab Inc develops an integrated DevSecOps platform that helps organizations plan, create, secure, deploy and monitor software. Its platform brings source code management, project planning, continuous integration and continuous delivery, application security, compliance, and observability capabilities into a single application.

GitLab’s products are designed to support software development teams throughout the application lifecycle. Key offerings include repositories and collaboration tools, automated testing and deployment, vulnerability management, security testing, infrastructure and portfolio management, and artificial intelligence features intended to assist developers and other technology professionals.

Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, GitLab operates as an all-remote company and serves organizations globally across a range of industries and sizes.