GitLab (NASDAQ:GTLB) Cut to “Neutral” at Guggenheim

GitLab (NASDAQ:GTLB) was downgraded by research analysts at Guggenheim from a “buy” rating to a “neutral” rating in a report issued on Thursday.

A number of other equities research analysts have also recently commented on the company. TD Cowen cut GitLab from a “buy” rating to a “hold” rating and set a $29.00 price objective for the company. in a research note on Monday, March 2nd. William Blair reaffirmed an “underperform” rating on shares of GitLab in a research report on Monday, March 23rd. Cantor Fitzgerald reissued a “neutral” rating on shares of GitLab in a research report on Wednesday, March 4th. KeyCorp downgraded shares of GitLab from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, December 16th. Finally, DA Davidson set a $24.00 price target on shares of GitLab in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fourteen have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $39.62.

GitLab Trading Down 7.8%

GTLB opened at $21.34 on Thursday. The company has a fifty day moving average price of $25.96 and a two-hundred day moving average price of $36.35. GitLab has a 1-year low of $20.20 and a 1-year high of $54.08. The company has a market cap of $3.63 billion, a P/E ratio of -60.97 and a beta of 0.85.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. GitLab had a negative return on equity of 1.73% and a negative net margin of 5.86%.The company had revenue of $260.40 million during the quarter, compared to the consensus estimate of $252.31 million. During the same period last year, the business posted $0.33 EPS. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. On average, research analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Sytse Sijbrandij sold 54,300 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $28.41, for a total value of $1,542,663.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Jacobson sold 700,109 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $22.95, for a total value of $16,067,501.55. Following the completion of the sale, the director directly owned 325 shares of the company’s stock, valued at $7,458.75. The trade was a 99.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,268,508 shares of company stock worth $29,848,496 in the last 90 days. Corporate insiders own 16.37% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of GitLab by 9.2% in the third quarter. Vanguard Group Inc. now owns 15,281,775 shares of the company’s stock valued at $688,902,000 after purchasing an additional 1,285,881 shares during the last quarter. Eminence Capital LP boosted its holdings in GitLab by 6.9% during the fourth quarter. Eminence Capital LP now owns 7,702,226 shares of the company’s stock worth $289,065,000 after purchasing an additional 494,497 shares during the last quarter. HMI Capital Management L.P. grew its position in GitLab by 32.3% in the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock worth $264,283,000 after purchasing an additional 1,430,151 shares in the last quarter. Atreides Management LP grew its position in GitLab by 38.9% in the 3rd quarter. Atreides Management LP now owns 5,470,305 shares of the company’s stock worth $246,601,000 after purchasing an additional 1,532,107 shares in 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 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.