GitLab (NASDAQ:GTLB) Releases Earnings Results, Beats Expectations By $0.04 EPS

GitLab (NASDAQ:GTLB) posted its earnings results on Tuesday. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.04, MarketWatch Earnings reports. GitLab had a negative return on equity of 21.10% and a negative net margin of 37.77%. The firm had revenue of $139.58 million for the quarter, compared to analyst estimates of $129.81 million. During the same quarter in the prior year, the company earned ($0.40) EPS. GitLab’s revenue was up 38.1% on a year-over-year basis.

GitLab Stock Up 0.5 %

Shares of NASDAQ:GTLB opened at $49.99 on Thursday. GitLab has a fifty-two week low of $26.24 and a fifty-two week high of $62.12. The firm’s 50-day simple moving average is $48.14 and its 200-day simple moving average is $41.69.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $47.75, for a total value of $1,432,500.00. Following the completion of the sale, the chief financial officer now owns 530,134 shares in the company, valued at $25,313,898.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brian G. Robins sold 30,000 shares of GitLab stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $47.75, for a total transaction of $1,432,500.00. Following the completion of the transaction, the chief financial officer now directly owns 530,134 shares in the company, valued at approximately $25,313,898.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 230,000 shares of the business’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $53.06, for a total value of $12,203,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 290,580 shares of company stock valued at $15,179,123. Corporate insiders own 28.04% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new position in shares of GitLab in the 2nd quarter worth $30,000. Ossiam acquired a new stake in GitLab in the 1st quarter valued at $27,000. Lazard Asset Management LLC purchased a new position in GitLab in the first quarter valued at about $47,000. Coppell Advisory Solutions LLC acquired a new position in shares of GitLab during the second quarter worth about $43,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of GitLab by 796.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,049 shares of the company’s stock worth $54,000 after buying an additional 932 shares during the period. 54.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. KeyCorp lifted their target price on GitLab from $50.00 to $60.00 in a report on Tuesday, July 18th. Piper Sandler raised their price objective on shares of GitLab from $52.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday. Scotiabank raised their price target on GitLab from $58.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday. Mizuho upped their price objective on GitLab from $45.00 to $51.00 in a research report on Wednesday. Finally, Bank of America raised their price objective on shares of GitLab from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, GitLab has an average rating of “Moderate Buy” and an average price target of $61.94.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It 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.