GitLab (NASDAQ:GTLB) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

GitLab (NASDAQ:GTLBGet Rating) announced its quarterly earnings results on Monday. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.09, MarketWatch Earnings reports. The company had revenue of $87.40 million for the quarter, compared to the consensus estimate of $78.13 million. The company’s quarterly revenue was up 75.2% compared to the same quarter last year.

GTLB traded down $1.09 during trading on Monday, reaching $39.84. 3,041,717 shares of the company were exchanged, compared to its average volume of 1,486,534. The company’s 50-day moving average is $46.48 and its two-hundred day moving average is $61.84. GitLab has a 12-month low of $30.74 and a 12-month high of $137.00.

Several brokerages recently issued reports on GTLB. Truist Financial decreased their price target on GitLab from $105.00 to $95.00 in a report on Tuesday, May 10th. Cowen reduced their price objective on GitLab to $60.00 in a research note on Friday, May 27th. Zacks Investment Research downgraded GitLab from a “hold” rating to a “sell” rating in a research note on Tuesday, May 17th. KeyCorp upped their price objective on GitLab from $50.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 25th. Finally, The Goldman Sachs Group dropped their price target on GitLab from $86.00 to $69.00 and set a “neutral” rating on the stock in a research report on Thursday, April 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Buy” and an average target price of $92.80.

In related news, major shareholder 2021 Gp L.L.C. Gv acquired 13,528 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The shares were acquired at an average price of $33.72 per share, with a total value of $456,164.16. Following the acquisition, the insider now owns 593,402 shares of the company’s stock, valued at approximately $20,009,515.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of GitLab in the 4th quarter valued at about $217,007,000. Altimeter Capital Management LP raised its holdings in shares of GitLab by 174.6% in the 1st quarter. Altimeter Capital Management LP now owns 961,206 shares of the company’s stock valued at $52,338,000 after acquiring an additional 611,206 shares in the last quarter. Tybourne Capital Management HK Ltd. purchased a new stake in shares of GitLab in the 4th quarter valued at about $27,267,000. Clearbridge Investments LLC raised its holdings in shares of GitLab by 88.6% in the 1st quarter. Clearbridge Investments LLC now owns 427,735 shares of the company’s stock valued at $23,290,000 after acquiring an additional 200,935 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of GitLab in the 4th quarter valued at about $16,136,000. 21.30% of the stock is currently owned by institutional investors and hedge funds.

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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