Bitcoin price today: retreats to $104k despite Strategy buying, shutdown progress
Investing.com - KeyBanc has lowered its price target on GitLab Inc (NASDAQ:GTLB) to $53.00 from $60.00 while maintaining an Overweight rating on the stock. The $7.75 billion market cap company is currently trading near its InvestingPro Fair Value, with impressive gross profit margins of 89%.
The firm cited "incremental execution concerns" related to GitLab’s go-to-market evolution and potential disruption from artificial intelligence as reasons for the reduced target.
GitLab reported what KeyBanc described as a "solid" fiscal second-quarter beat, driven partly by one-time benefits from linearity and a mix shift toward self-managed solutions. Despite the quarterly performance, the company maintained its full-year revenue guidance unchanged.
KeyBanc noted that maintaining the same full-year outlook implies a "notable deceleration" in the second half of the fiscal year, accounting for changes in the company’s go-to-market strategy and leadership.
GitLab also announced that Chief Financial Officer Brian Robins will depart on September 19, and the company has begun searching for his successor.
In other recent news, GitLab Inc reported second-quarter revenue of $236 million, marking a 29.2% increase compared to the previous year and surpassing analyst expectations of around $226.9 million. The company also achieved better-than-expected operating income and free cash flow for the quarter. Despite these strong results, several analyst firms have adjusted their price targets for GitLab. BTIG lowered its price target to $57 due to concerns about the company’s revenue outlook, while Goldman Sachs reduced its target to $48, maintaining a Neutral rating amid growth concerns. DA Davidson also lowered its price target to $45, citing timing factors rather than fundamental business acceleration. Raymond James decreased its price target to $55, despite maintaining an Outperform rating, following GitLab’s strong second-quarter performance. Meanwhile, RBC Capital reiterated its Outperform rating and a $58 price target, noting GitLab’s solid results and maintaining its fiscal year 2026 revenue guidance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.