GitLab Maintains Buy Rating Despite Lowered Price Target, Shows Strong Seat Expansion

GitLab Inc. (NASDAQ:GTLB) ranks among the 30 stocks expected to beat the market by 20 percentage points this year. On June 11, Canaccord Genuity maintained its Buy rating on GitLab Inc. (NASDAQ:GTLB), while decreasing its price target to $76 from $78.

Canaccord stressed that despite the current software purchasing climate, GitLab Inc. (NASDAQ:GTLB) continues to show robust revenue growth from seat expansions, which the firm sees as proof that the platform’s value proposition appeals to users.

GitLab Maintains Buy Rating Despite Lowered Price Target, Shows Strong Seat Expansion

The research firm highlighted GitLab’s distinctive end-to-end platform approach, which starts with source code management, and pointed out that IT buyers continue to place a high premium on investing in the software supply chain.

Canaccord also mentioned GitLab’s success in turning a profit, stating that it expects operating leverage to develop organically as the company scales into what it refers to as a sizable software deployment market.

GitLab Inc. (NASDAQ:GTLB) offers a uniform platform that supports the full software development lifecycle, enabling teams to design, create, protect, and launch applications across various cloud environments.

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Read More: 10 Best Magic Formula Stocks for 2025 and 10 Best Retirement Stocks to Buy According to Hedge Funds

Disclosure: None.