GitLab (NASDAQ:GTLB) Releases FY 2023 Earnings Guidance

GitLab (NASDAQ:GTLBGet Rating) updated its FY 2023 earnings guidance on Monday. The company provided earnings per share guidance of -$0.93–$0.89 for the period, compared to the consensus earnings per share estimate of -$0.97. The company issued revenue guidance of $398.00 million-$402.00 million, compared to the consensus revenue estimate of $389.86 million.GitLab also updated its Q2 2023 guidance to -$0.24–$0.23 EPS.

A number of research firms have weighed in on GTLB. KeyCorp boosted their price objective on shares of GitLab from $50.00 to $63.00 and gave the company an overweight rating in a research report on Monday, April 25th. Royal Bank of Canada boosted their price objective 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. The Goldman Sachs Group lowered their target price on shares of GitLab from $86.00 to $69.00 and set a neutral rating for the company in a research note on Thursday, April 14th. Cowen lowered their target price on shares of GitLab to $60.00 in a research note on Friday, May 27th. Finally, Zacks Investment Research lowered shares of GitLab from a hold rating to a sell rating in a research note on Tuesday, May 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, GitLab currently has an average rating of Buy and a consensus price target of $92.80.

NASDAQ:GTLB traded down $1.09 during midday trading on Monday, hitting $39.84. The company’s stock had a trading volume of 3,028,929 shares, compared to its average volume of 1,486,534. GitLab has a fifty-two week low of $30.74 and a fifty-two week high of $137.00. The firm’s 50 day moving average is $46.48 and its 200-day moving average is $61.84.

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

In other GitLab news, major shareholder 2021 Gp L.L.C. Gv bought 255,647 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The shares were purchased at an average price of $34.65 per share, for a total transaction of $8,858,168.55. Following the transaction, the insider now directly owns 479,695 shares of the company’s stock, valued at approximately $16,621,431.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Hedge funds have recently made changes to their positions in the business. Northern Trust Corp lifted its holdings in GitLab by 7.2% in the 1st quarter. Northern Trust Corp now owns 19,778 shares of the company’s stock valued at $1,076,000 after purchasing an additional 1,325 shares in the last quarter. Wells Fargo & Company MN purchased a new position in GitLab in the 4th quarter valued at $991,000. Bank of America Corp DE purchased a new position in GitLab in the 4th quarter valued at $749,000. Renaissance Technologies LLC lifted its holdings in GitLab by 419.2% in the 1st quarter. Renaissance Technologies LLC now owns 13,500 shares of the company’s stock valued at $735,000 after purchasing an additional 10,900 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in GitLab in the 1st quarter valued at $624,000. Institutional investors own 21.30% of the company’s stock.

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.

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Earnings History and Estimates for GitLab (NASDAQ:GTLB)

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