GitLab price target lowered to $47 from $58 at Barclays

Barclays lowered the firm’s price target on GitLab (GTLB) to $47 from $58 and keeps an Equal Weight rating on the shares following the earnings report. The company continues to demonstrate solid Ultimate adoption and improved profitability, though softer net new customer adds, choosing to make GitLab Duo essentials free for Premium and Ultimate customers, and a softer than expected revenue beat is driving more bearish investor sentiment, the analyst tells investors in a research note. The firm says that while a tougher macro environment and greater buyer hesitancy drove GitLab’s “more prudent” growth outlook, it is pleased to see the company’s “continued operational discipline and improved profitability.”