GitLab (NASDAQ:GTLB) Updates FY 2023 Earnings Guidance

GitLab (NASDAQ:GTLBGet Rating) issued an update on its FY 2023 earnings guidance on Monday morning. 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.

GitLab stock opened at $44.01 on Monday. GitLab has a fifty-two week low of $30.74 and a fifty-two week high of $137.00. The firm has a fifty day moving average price of $44.82 and a two-hundred day moving average price of $58.20.

GitLab (NASDAQ:GTLBGet Rating) last released its earnings results on Monday, June 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09. The firm had revenue of $87.40 million for the quarter, compared to analyst estimates of $78.13 million. GitLab’s revenue for the quarter was up 75.2% on a year-over-year basis. Equities analysts forecast that GitLab will post -1.38 earnings per share for the current fiscal year.

Several research firms have recently issued reports on GTLB. KeyCorp boosted their price objective on shares of GitLab from $50.00 to $63.00 and gave the stock an overweight rating in a report on Monday, April 25th. Cowen dropped their price objective on shares of GitLab to $60.00 in a report on Friday, May 27th. Truist Financial lowered their target price on shares of GitLab from $105.00 to $95.00 in a research note 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 research note on Thursday, April 14th. Finally, UBS Group upped their target price on shares of GitLab from $54.00 to $59.00 and gave the company a buy rating in a research note on Tuesday, June 7th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $78.91.

In related news, major shareholder 2021 Gp L.L.C. Gv bought 13,528 shares of GitLab stock in a transaction dated Tuesday, May 24th. The shares were bought at an average cost of $33.72 per share, for a total transaction of $456,164.16. Following the completion of the transaction, the insider now owns 593,402 shares of the company’s stock, valued at $20,009,515.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

A number of hedge funds and other institutional investors have recently made changes to their positions in GTLB. BlackRock Inc. acquired a new position in GitLab in the fourth quarter valued at approximately $217,007,000. Altimeter Capital Management LP increased its stake in GitLab by 174.6% in the first quarter. Altimeter Capital Management LP now owns 961,206 shares of the company’s stock valued at $52,338,000 after purchasing an additional 611,206 shares in the last quarter. Tybourne Capital Management HK Ltd. bought a new stake in GitLab in the fourth quarter valued at approximately $27,267,000. Clearbridge Investments LLC increased its stake in GitLab by 88.6% in the first quarter. Clearbridge Investments LLC now owns 427,735 shares of the company’s stock valued at $23,290,000 after purchasing an additional 200,935 shares in the last quarter. Finally, Goldman Sachs Group Inc. bought a new stake in GitLab in the fourth quarter valued at approximately $16,136,000. Institutional investors and hedge funds own 21.30% of the company’s stock.

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.

Further Reading

Earnings History and Estimates for GitLab (NASDAQ:GTLB)

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