5 Best New Tech Stocks to Buy Now

2. GitLab Inc. (NASDAQ:GTLB)

IPO Date: October 14, 2021

Number of Hedge Fund Holders: 36

GitLab Inc. (NASDAQ:GTLB) is a San Francisco, California-based provider of DevOps platforms that aids organizations in developing and testing software in a safe and robust environment.

Mike Cikos at Needham gave GitLab Inc. (NASDAQ:GTLB) stock a Buy rating and a target price of $60 in a research note published on September 7. The analyst highlighted that the Q2 2022 results were strong as the company did not see a material impact from the macroeconomic downturn. GitLab Inc. (NASDAQ:GTLB) also provided healthy guidance for FY22 as well. However, GitLab Inc. (NASDAQ:GTLB) stock can be expected to face a tough time in the short run as investors become more cautious about the valuations of high-growth entities in the current macroeconomic situation.

GitLab Inc. (NASDAQ:GTLB) was discussed in the Q2 2022 investor letter of Baron Funds. Here’s what the firm said:

“Shares of GitLab Inc., a leading software tools development platform, outperformed in the quarter after reporting strong quarterly results with 75% year-over-year revenue growth while raising annual guidance to over 58% growth. The results were driven by robust net new customer wins with base customers growing 64% year-over-year while existing customers continue expanding rapidly. We continue to believe GitLab’s easy-to-use and open development platform, combined with its disruptive pricing model, position the company well for continued market share gains.”