GitLab Inc (GTLB) PT Lowered to $50 at Needham

Needham analyst Mike Cikos lowered the price target on GitLab Inc (NASDAQ: GTLB) to $50.00 (from $55.00) while maintaining a Buy rating.

The analyst comments "GitLab outperformed 3QFY26 guidance, delivering 2.2% Revenue upside as the company faced sustained SMB pressures which were compounded by (1) Public Sector headwinds from the Government shutdown and DOGE initiatives and (2) a distracted go-to-market in our view, given significant changes in resource allocation, territory alignment and sales training. These headwinds are expected to persist in 4QFY26, leading to Revenue guidance which was in line with the consensus estimate. Meanwhile, broader go-to-market changes are expected to play out over a multi-quarter timeframe, as the Premium price increase is no longer a discrete Revenue tailwind entering FY27. As a result, we expect a continued deceleration to yr-yr Revenue growth until go-to-market initiatives take hold and additional monetization paths feather into the model."

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