$77.64 Million in Sales Expected for GitLab Inc. (NASDAQ:GTLB) This Quarter

Equities research analysts expect that GitLab Inc. (NASDAQ:GTLBGet Rating) will announce $77.64 million in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for GitLab’s earnings, with the highest sales estimate coming in at $78.00 million and the lowest estimate coming in at $77.10 million. The company is scheduled to issue its next earnings results after the market closes on Monday, January 1st.

On average, analysts expect that GitLab will report full-year sales of $388.48 million for the current year, with estimates ranging from $386.60 million to $390.50 million. For the next year, analysts anticipate that the business will post sales of $539.93 million, with estimates ranging from $525.70 million to $559.70 million. Zacks’ sales averages are an average based on a survey of research firms that cover GitLab.

GitLab (NASDAQ:GTLBGet Rating) last released its earnings results on Monday, March 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.07. The business had revenue of $77.80 million during the quarter, compared to the consensus estimate of $70.18 million.

GTLB has been the topic of several research reports. Cowen reduced their price target on GitLab to $60.00 in a report on Friday, May 27th. KeyCorp boosted their price target on GitLab from $50.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 25th. Bank of America reduced their price target on GitLab from $125.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, March 9th. The Goldman Sachs Group reduced their price target on GitLab from $86.00 to $69.00 and set a “neutral” rating on the stock in a report on Thursday, April 14th. Finally, Royal Bank of Canada boosted their price target on GitLab from $60.00 to $64.00 and gave the stock an “outperform” rating in a report on Monday, April 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, GitLab has an average rating of “Buy” and an average price target of $92.80.

In other GitLab news, major shareholder 2021 Gp L.L.C. Gv purchased 255,647 shares of the company’s stock in a transaction on Tuesday, May 10th. The shares were purchased at an average cost of $34.65 per share, with a total value of $8,858,168.55. Following the completion of the purchase, the insider now owns 479,695 shares in the company, valued at $16,621,431.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

A number of institutional investors and hedge funds have recently modified their holdings of the business. ICONIQ Capital LLC lifted its stake in GitLab by 252.2% in the first quarter. ICONIQ Capital LLC now owns 9,773,455 shares of the company’s stock valued at $532,164,000 after buying an additional 6,998,187 shares during the period. BlackRock Inc. lifted its stake in GitLab by 13.1% in the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock valued at $153,635,000 after buying an additional 327,244 shares during the period. Coatue Management LLC acquired a new position in GitLab in the fourth quarter valued at approximately $169,817,000. T Ventures Management Co Ltd. acquired a new position in shares of GitLab during the fourth quarter worth approximately $132,913,000. Finally, Marcho Partners LLP raised its position in shares of GitLab by 9.7% during the first quarter. Marcho Partners LLP now owns 1,266,640 shares of the company’s stock worth $68,969,000 after purchasing an additional 112,018 shares during the period. 21.30% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:GTLB opened at $38.33 on Thursday. The stock’s 50-day moving average is $46.83 and its 200-day moving average is $63.69. GitLab has a 1-year low of $30.74 and a 1-year high of $137.00.

About GitLab (Get Rating)

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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