Truist Lowers GitLab (GTLB) PT to $75, Maintains Buy Rating

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.

Truist Lowers GitLab (GTLB) PT to $75, Maintains Buy Rating

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

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.

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Disclosure: None. This article is originally published at Insider Monkey.