GitLab Inc. (NASDAQ:GTLB – Get Rating) – Research analysts at KeyCorp increased their Q1 2024 earnings per share estimates for shares of GitLab in a report released on Tuesday, March 14th. KeyCorp analyst M. Turits now anticipates that the company will post earnings per share of ($0.23) for the quarter, up from their prior forecast of ($0.31). KeyCorp currently has a “Overweight” rating and a $60.00 target price on the stock. The consensus estimate for GitLab’s current full-year earnings is ($1.32) per share. KeyCorp also issued estimates for GitLab’s Q2 2024 earnings at ($0.17) EPS, Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.11) EPS, FY2024 earnings at ($0.65) EPS and FY2025 earnings at ($0.39) EPS.
A number of other analysts have also issued reports on GTLB. Barclays lowered their price target on GitLab from $65.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday. Piper Sandler dropped their price objective on shares of GitLab from $58.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday. UBS Group lowered their price target on shares of GitLab from $54.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday. Bank of America lowered their price target on shares of GitLab from $75.00 to $50.00 in a report on Tuesday. Finally, The Goldman Sachs Group lowered their target price on shares of GitLab from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.50.
GitLab Price Performance
GitLab (NASDAQ:GTLB – Get Rating) last issued its earnings results on Monday, March 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.11. GitLab had a negative return on equity of 23.18% and a negative net margin of 40.61%. The firm had revenue of $122.90 million for the quarter, compared to analysts’ expectations of $119.59 million. During the same period in the previous year, the firm posted ($0.25) earnings per share. The business’s revenue was up 58.0% compared to the same quarter last year.
In related news, major shareholder Divesh Makan sold 53,676 shares of the company’s stock in a transaction that occurred on Tuesday, December 27th. The shares were sold at an average price of $44.65, for a total transaction of $2,396,633.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other GitLab news, major shareholder Divesh Makan sold 53,676 shares of the stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $44.65, for a total transaction of $2,396,633.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the company’s stock in a transaction on Monday, March 13th. The shares were acquired at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the acquisition, the insider now directly owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. Insiders sold a total of 64,082 shares of company stock valued at $2,880,100 over the last 90 days. Insiders own 0.19% of the company’s stock.
Hedge Funds Weigh In On GitLab
Several large investors have recently made changes to their positions in the business. August Capital Management VII L.L.C. acquired a new stake in shares of GitLab during the second quarter worth approximately $632,327,000. 1832 Asset Management L.P. raised its position in shares of GitLab by 152.1% in the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock valued at $179,588,000 after purchasing an additional 2,384,500 shares during the period. Vanguard Group Inc. grew its stake in shares of GitLab by 73.8% in the third quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock worth $238,132,000 after acquiring an additional 1,973,796 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of GitLab by 7,180.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock worth $102,298,000 after acquiring an additional 1,898,622 shares during the last quarter. Finally, Norges Bank acquired a new stake in GitLab during the fourth quarter worth $71,823,000. Institutional investors own 48.99% of the company’s stock.
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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