GitLab (NASDAQ:GTLB) Updates Q3 2023 Earnings Guidance

GitLab (NASDAQ:GTLBGet Rating) updated its third quarter 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of -$0.16–$0.15 for the period, compared to the consensus earnings per share estimate of -$0.25. The company issued revenue guidance of $105.00 million-$106.00 million, compared to the consensus revenue estimate of $103.41 million. GitLab also updated its FY 2023 guidance to -$0.67–$0.64 EPS.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Cowen upped their price objective on shares of GitLab to $70.00 in a report on Tuesday, September 6th. Piper Sandler lifted their target price on shares of GitLab from $60.00 to $67.00 in a report on Wednesday, July 13th. Needham & Company LLC dropped their target price on shares of GitLab from $70.00 to $60.00 and set a buy rating on the stock in a research note on Wednesday, September 7th. Scotiabank initiated coverage on shares of GitLab in a research note on Wednesday, June 8th. They issued an outperform rating and a $62.00 target price on the stock. Finally, The Goldman Sachs Group upgraded shares of GitLab from a neutral rating to a buy rating and upped their target price for the stock from $69.00 to $80.00 in a research note on Monday, June 27th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, GitLab has an average rating of Moderate Buy and a consensus price target of $80.46.

GitLab Price Performance

Shares of GTLB stock traded down $2.66 during trading hours on Friday, reaching $48.17. 78,143 shares of the stock were exchanged, compared to its average volume of 2,193,304. The business’s fifty day moving average is $59.48 and its two-hundred day moving average is $52.01. GitLab has a 12-month low of $30.74 and a 12-month high of $137.00. The firm has a market capitalization of $7.17 billion and a P/E ratio of -33.44.

GitLab (NASDAQ:GTLBGet Rating) last issued its quarterly earnings results on Tuesday, September 6th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.08. GitLab had a negative return on equity of 20.93% and a negative net margin of 51.69%. The firm had revenue of $101.00 million during the quarter, compared to the consensus estimate of $94.44 million. GitLab’s quarterly revenue was up 73.8% on a year-over-year basis. As a group, equities research analysts predict that GitLab will post -1.4 earnings per share for the current fiscal year.

Insider Activity

In other GitLab news, major shareholder August Capital Management Vii, sold 43,573 shares of the firm’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $57.54, for a total transaction of $2,507,190.42. Following the completion of the sale, the insider now directly owns 42,454 shares in the company, valued at approximately $2,442,803.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other GitLab news, major shareholder Howard Hartenbaum sold 18,453 shares of GitLab stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $64.63, for a total value of $1,192,617.39. Following the completion of the transaction, the insider now owns 150,000 shares in the company, valued at approximately $9,694,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder August Capital Management Vii, sold 43,573 shares of the business’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $57.54, for a total value of $2,507,190.42. Following the sale, the insider now owns 42,454 shares of the company’s stock, valued at approximately $2,442,803.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 193,196 shares of company stock worth $11,762,380.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC acquired a new position in shares of GitLab during the 1st quarter worth $47,000. United Capital Financial Advisers LLC purchased a new stake in shares of GitLab in the first quarter worth approximately $203,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of GitLab during the second quarter valued at approximately $227,000. Raymond James & Associates boosted its holdings in shares of GitLab by 62.6% in the first quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock worth $234,000 after acquiring an additional 1,652 shares during the period. Finally, AJ Wealth Strategies LLC bought a new stake in GitLab during the first quarter valued at $267,000. Institutional investors and hedge funds own 42.66% of the company’s stock.

About GitLab

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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.

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Earnings History and Estimates for GitLab (NASDAQ:GTLB)

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