12 Best Technology Stocks According to Wall Street Analysts

3. GitLab Inc. (NASDAQ:GTLB)

Number of Hedge Fund Holders: 52

Average Upside Potential as of June 19: 42.72%

GitLab Inc. (NASDAQ:GTLB) is one of the best technology stocks according to Wall Street analysts. Earlier on June 12, Truist adjusted the price target for GitLab to $75 from $80, while maintaining a Buy rating on the shares. This revision comes after GitLab’s Q1 2025 results, which, although exceeding guidance, did not meet investor expectations for a larger beat.

In Q1, the company reported a total revenue of $169.2 million, which marked a 33% increase year-over-year. GitLab also generated positive cash flow for the first time in a first quarter. The subscription revenue from self-managed and SaaS grew to $151.179 million from $111.191 million year-over-year, and license revenue from self-managed and other increased to $18.008 million from $15.687 million.

The company’s customer base also expanded, with customers contributing over $5,000 of ARR, reaching 8,976, which showed a 21% increase year-over-year. Customers with over $100,000 of ARR grew by 35% year-over-year, totaling 1,025. In this quarter, GitLab also received the 2024 Google Cloud Technology Partner of the Year Award in the Application Development – DevOps category.

GitLab Inc. (NASDAQ:GTLB) develops software for the software development lifecycle in the US, Europe, and the Asia Pacific.