GitLab (NASDAQ:GTLB) Downgraded to “Neutral” Rating by Bank of America

GitLab (NASDAQ:GTLB) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Wednesday, MarketBeat reports. They presently have a $27.00 price target on the stock, down from their previous price target of $58.00. Bank of America‘s price objective would suggest a potential upside of 21.90% from the stock’s previous close.

A number of other equities analysts have also commented on GTLB. Canaccord Genuity Group lowered their price target on shares of GitLab from $70.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Piper Sandler lowered shares of GitLab from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $55.00 to $28.00 in a research report on Wednesday, March 4th. Wells Fargo & Company lowered their price target on shares of GitLab from $45.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 4th. Royal Bank Of Canada lowered shares of GitLab from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $33.00 to $25.00 in a research report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $32.00 price objective on shares of GitLab in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seventeen have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.35.

GitLab Stock Performance

NASDAQ GTLB opened at $22.15 on Wednesday. The firm has a 50-day moving average of $23.76 and a 200-day moving average of $34.62. The stock has a market cap of $3.77 billion, a PE ratio of -63.29 and a beta of 0.85. GitLab has a 52-week low of $18.73 and a 52-week high of $54.08.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, March 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The company had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $252.31 million. GitLab had a negative net margin of 5.86% and a negative return on equity of 1.73%. GitLab’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.33 EPS. As a group, analysts predict that GitLab will post -0.28 EPS for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 116,200 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $20.77, for a total transaction of $2,413,474.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Jacobson sold 459,799 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $22.37, for a total transaction of $10,285,703.63. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,330,408 shares of company stock worth $30,309,342 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its position in GitLab by 1.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 776,521 shares of the company’s stock worth $36,496,000 after purchasing an additional 12,200 shares in the last quarter. Woodline Partners LP acquired a new position in GitLab during the 1st quarter worth approximately $314,000. Russell Investments Group Ltd. increased its position in GitLab by 31.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,112 shares of the company’s stock worth $321,000 after purchasing an additional 1,709 shares in the last quarter. California Public Employees Retirement System increased its position in GitLab by 17.0% during the 2nd quarter. California Public Employees Retirement System now owns 167,870 shares of the company’s stock worth $7,573,000 after purchasing an additional 24,448 shares in the last quarter. Finally, State Street Corp increased its position in GitLab by 7.0% during the 2nd quarter. State Street Corp now owns 2,283,597 shares of the company’s stock worth $103,013,000 after purchasing an additional 148,713 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

About GitLab

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.