12 Best Up and Coming Stocks to Buy According to Wall Street Analysts

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9. Gitlab Inc. (NASDAQ:GTLB)

Average Upside Potential as of March 21: 56.37%

Number of Hedge Fund Holders: 51

Gitlab Inc. (NASDAQ:GTLB) develops software for the software development lifecycle. It offers the GitLab DevOps platform which streamlines planning, building, securing, and deploying software. This enables faster development cycles and enhanced visibility. It provides essential tools and services for organizations that want to improve their software development processes.

On March 4, BTIG reiterated a Buy rating and an $86 price target for the company due to its Q4 2024 results, where revenue grew 29.1% year-over-year to $211.4 million. This bullish stance is supported by the company’s robust 2026 guidance, increasing big deal activity, the strength of its Ultimate tier, and the growing adoption of new products like GitLab Dedicated and Duo Enterprise, which utilizes AI.

The company’s AI-driven segment is centered on GitLab Duo. It’s embedding AI throughout its DevSecOps platform. A DevSecOps platform integrates development, security, and operations into a unified toolset. It streamlines software delivery while ensuring security throughout the process. In Q4 2024, the company saw strong adoption of Duo Enterprise, with major clients like Barclays and Capgemini investing in its AI capabilities. Gitlab Inc. (NASDAQ:GTLB) is advancing its AI offerings with Duo Workflow, which entered private beta this month, with a public beta planned for summer.

The company’s comprehensive software development platform, strong user base, and potential for growth in a large market prompted the Artisan Mid Cap Fund to increase its position in the company. The Fund stated the following regarding Gitlab Inc. (NASDAQ:GTLB) in its Q4 2024 investor letter:

“Along with Monolithic Power Systems, notable adds in the quarter included Onto Innovation and GitLab Inc. (NASDAQ:GTLB). Gitlab offers a one-stop shop for software development projects. The company provides developers with tools to manage code, collaborate with teammates and track the entire development workflow. It has a strong brand with more than 30million registered users across its free and paid subscription tiers. Customers adopt Gitlab to deploy code faster, more consistently and more securely. We believe the company is early in its lifecycle given the large addressable market of global software developers and a general trend toward companies looking to digitize aspects of their business and deploy code quickly. Recent earnings results were thesis affirming, and we added to the position.”

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