GitLab (NASDAQ:GTLB) Updates FY23 Earnings Guidance

GitLab (NASDAQ:GTLBGet Rating) updated its FY23 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 ($0.96). The company issued revenue guidance of $398-$402 million, compared to the consensus revenue estimate of $386.77 million.GitLab also updated its FY 2023 guidance to -$0.93–$0.89 EPS.

A number of analysts have weighed in on GTLB shares. Royal Bank of Canada increased their price target on shares of GitLab from $64.00 to $66.00 in a report on Tuesday. Bank of America dropped their price objective on shares of GitLab from $125.00 to $105.00 and set a buy rating for the company in a research note on Wednesday, March 9th. Zacks Investment Research cut shares of GitLab from a hold rating to a sell rating in a research note on Tuesday, May 17th. KeyCorp increased their price objective on shares of GitLab from $50.00 to $63.00 and gave the company an overweight rating in a research note on Monday, April 25th. Finally, Piper Sandler dropped their price objective on shares of GitLab from $75.00 to $60.00 and set an overweight rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Buy and an average target price of $80.60.

Shares of GitLab stock traded up $8.14 during mid-day trading on Tuesday, reaching $47.98. 149,576 shares of the stock were exchanged, compared to its average volume of 1,622,286. GitLab has a fifty-two week low of $30.74 and a fifty-two week high of $137.00. The firm has a 50-day simple moving average of $46.20 and a 200 day simple moving average of $61.34.

GitLab (NASDAQ:GTLBGet Rating) last posted its quarterly earnings data on Monday, June 6th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.09. The company had revenue of $87.40 million during the quarter, compared to analyst estimates of $78.13 million. The business’s revenue was up 75.2% on a year-over-year basis. On average, equities analysts anticipate that GitLab will post -1.34 earnings per share for the current year.

In related news, major shareholder 2021 Gp L.L.C. Gv acquired 255,647 shares of the stock in a transaction on Tuesday, May 10th. The stock was 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 owns 479,695 shares of the company’s stock, valued at approximately $16,621,431.75. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Hedge funds and other institutional investors have recently modified their holdings of the company. Lazard Asset Management LLC bought a new position in shares of GitLab in the 1st quarter valued at about $47,000. United Capital Financial Advisers LLC bought a new position in GitLab during the 1st quarter worth approximately $203,000. Schonfeld Strategic Advisors LLC bought a new position in GitLab during the 4th quarter worth approximately $226,000. Renaissance Technologies LLC bought a new position in GitLab during the 4th quarter worth approximately $226,000. Finally, Raymond James & Associates boosted its stake in GitLab by 62.6% during the 1st 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 last quarter. 21.30% of the stock is currently owned by institutional investors.

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.

See Also

Earnings History and Estimates for GitLab (NASDAQ:GTLB)

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