GitLab (NASDAQ:GTLB) Issues FY 2024 Earnings Guidance

GitLab (NASDAQ:GTLB) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of -$0.08–$0.05 for the period, compared to the consensus EPS estimate of -$0.14. The company issued revenue guidance of $555.00 million-$557.00 million, compared to the consensus revenue estimate of $542.81 million.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $49.93 on Friday. GitLab has a 1-year low of $26.24 and a 1-year high of $61.83. The business’s fifty day moving average price is $48.29 and its two-hundred day moving average price is $42.01. The firm has a market capitalization of $7.63 billion, a PE ratio of -39.31 and a beta of 0.18.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 5th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.04. GitLab had a negative return on equity of 21.02% 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 period last year, the company earned ($0.40) earnings per share. The firm’s revenue for the quarter was up 38.1% on a year-over-year basis. Equities research analysts expect that GitLab will post -1.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Royal Bank of Canada increased their price target on GitLab from $60.00 to $62.00 and gave the stock an outperform rating in a research note on Wednesday, September 6th. Piper Sandler increased their price target on GitLab from $52.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday, September 6th. Canaccord Genuity Group assumed coverage on GitLab in a research note on Tuesday. They issued a buy rating and a $62.00 price target for the company. Mizuho increased their price target on GitLab from $45.00 to $51.00 in a research note on Wednesday, September 6th. Finally, Sanford C. Bernstein assumed coverage on GitLab in a research note on Monday. They issued an outperform rating and a $62.00 price target for the company. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, GitLab presently has an average rating of Moderate Buy and a consensus price target of $62.06.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total value of $528,200.00. Following the completion of the transaction, the chief financial officer now owns 486,849 shares in the company, valued at approximately $25,715,364.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Sytse Sijbrandij sold 230,000 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total value of $528,200.00. Following the completion of the sale, the chief financial officer now directly owns 486,849 shares of the company’s stock, valued at $25,715,364.18. The disclosure for this sale can be found here. Insiders sold 292,900 shares of company stock worth $15,480,323 in the last quarter. 28.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently bought and sold shares of the business. Morgan Stanley lifted its stake in GitLab by 3.0% in the 4th quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after acquiring an additional 228,085 shares in the last quarter. Vanguard Group Inc. lifted its stake in GitLab by 73.8% in the 3rd 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 in the last quarter. 1832 Asset Management L.P. lifted its stake in GitLab by 152.1% in the 4th quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock worth $179,588,000 after acquiring an additional 2,384,500 shares in the last quarter. BlackRock Inc. lifted its stake in GitLab by 7.2% in the 1st quarter. BlackRock Inc. now owns 3,950,657 shares of the company’s stock worth $135,468,000 after acquiring an additional 266,048 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in GitLab by 7,180.6% in the 2nd 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 in the last quarter. 54.15% of the stock is owned by hedge funds and other institutional investors.

GitLab Company Profile

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.