GitLab (NASDAQ:GTLB) Issues Q2 2023 Earnings Guidance

GitLab (NASDAQ:GTLBGet Rating) issued an update on its second quarter 2023 earnings guidance on Monday morning. The company provided EPS guidance of -$0.24–$0.23 for the period, compared to the consensus EPS estimate of -$0.25. The company issued revenue guidance of $93.50 million-$94.50 million, compared to the consensus revenue estimate of $89.68 million.GitLab also updated its FY 2023 guidance to -$0.93–$0.89 EPS.

Shares of GTLB stock traded down $1.09 during midday trading on Monday, reaching $39.84. 3,028,929 shares of the company were exchanged, compared to its average volume of 1,486,534. The company’s 50 day moving average price is $46.48 and its two-hundred day moving average price is $61.84. GitLab has a 12 month low of $30.74 and a 12 month high of $137.00.

GitLab (NASDAQ:GTLBGet Rating) last released its earnings results on Monday, March 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.07. The firm had revenue of $77.80 million during the quarter, compared to analysts’ expectations of $70.18 million. On average, equities research analysts predict that GitLab will post -1.34 earnings per share for the current year.

Several equities research analysts have issued reports on the stock. Truist Financial lowered their price target on shares of GitLab from $105.00 to $95.00 in a report on Tuesday, May 10th. The Goldman Sachs Group lowered their target price on shares of GitLab from $86.00 to $69.00 and set a neutral rating on the stock in a report on Thursday, April 14th. KeyCorp upped their price target on shares of GitLab from $50.00 to $63.00 and gave the stock an overweight rating in a research report on Monday, April 25th. Royal Bank of Canada upped their target price on shares of GitLab from $60.00 to $64.00 and gave the company an outperform rating in a research report on Monday, April 18th. Finally, Zacks Investment Research downgraded shares of GitLab from a hold rating to a sell rating in a research report on Tuesday, May 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $92.80.

In other news, major shareholder 2021 Gp L.L.C. Gv bought 255,647 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The stock was acquired 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 of the company’s stock, valued at $16,621,431.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in GitLab in the fourth quarter valued at about $217,007,000. Altimeter Capital Management LP grew its holdings in shares of GitLab by 174.6% during the first quarter. Altimeter Capital Management LP now owns 961,206 shares of the company’s stock worth $52,338,000 after purchasing an additional 611,206 shares during the last quarter. Tybourne Capital Management HK Ltd. acquired a new position in shares of GitLab in the fourth quarter worth approximately $27,267,000. Clearbridge Investments LLC lifted its stake in shares of GitLab by 88.6% in the first quarter. Clearbridge Investments LLC now owns 427,735 shares of the company’s stock worth $23,290,000 after acquiring an additional 200,935 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new position in shares of GitLab in the fourth quarter worth approximately $16,136,000. 21.30% of the stock is owned by institutional investors.

GitLab Company Profile (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.

Further Reading

Earnings History and Estimates for GitLab (NASDAQ:GTLB)

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