Piper Sandler lowered the firm’s price target on GitLab (GTLB) to $70 from $85 and keeps an Overweight rating on the shares. While a reiterated full year revenue guide drove consternation in after-hour trading, Q2 showed a markedly improved revenue result vs Q1, along with margins above expectations and large customer momentum, the firm says. GitLab also announced several leadership changes as it plans to continue orienting its GTM engine on expanding new customer velocity and enterprise customer adoption. Piper remains confident in the DevSecOps platform leader as a top idea in its coverage with shares trading at a modest 5.5-times 2026 revenue multiple despite growing over 20% at rule of 40-plus.
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