Canaccord Maintains Buy on GitLab (GTLB), Cuts PT

GitLab Inc. (NASDAQ:GTLB) is one of the 10 stocks that Jim Cramer and analysts are watching. On June 12, Canaccord cut the stock’s price target on the company from $78 to $76 while maintaining a Buy rating.

The firm noted that the company delivered solid Q1 results, with revenue growing 27% and stronger-than-expected profits driven by 12% operating margins, marking a 1,440 basis point improvement from last year. Canaccord sees growing momentum in AI-driven code development as a sign of ongoing investment in DevSecOps platforms and considers GitLab (NASDAQ:GTLB) a leading player in this space.

Canaccord Maintains Buy on GitLab (GTLB), Cuts PT

A team of software engineers working together in an open office, developing innovative solutions.

On June 11, Cramer showed bearish sentiment toward GitLab Inc. (NASDAQ:GTLB) and the broader enterprise software industry, as he said:

“Yeah, I thought that GitLab, frankly, I was prepared for disappointment, and I got it. This kind of collaborative software, enterprise software stock, I don’t want right now… You know, I like an Oracle, which is going up, but that’s data center. I don’t want, I just do not want enterprise software. I think they’re all too expensive.”

GitLab (NASDAQ:GTLB) provides a platform that helps organizations plan, build, secure, and launch software. The company supports every step of the development process and also offers training and support services.

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