GitLab (NASDAQ:GTLB) Updates FY 2023 Earnings Guidance

GitLab (NASDAQ:GTLBGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of -$0.67–$0.64 for the period, compared to the consensus earnings per share estimate of -$0.89. The company issued revenue guidance of $411.00 million-$414.00 million, compared to the consensus revenue estimate of $402.75 million. GitLab also updated its Q3 2023 guidance to -$0.16–$0.15 EPS.

GitLab Stock Down 5.2 %

Shares of NASDAQ GTLB traded down $2.66 on Friday, hitting $48.17. The company had a trading volume of 78,143 shares, compared to its average volume of 2,193,304. GitLab has a 12-month low of $30.74 and a 12-month high of $137.00. The business has a 50 day moving average of $59.48 and a two-hundred day moving average of $52.01. The firm has a market capitalization of $7.17 billion and a P/E ratio of -33.44.

GitLab (NASDAQ:GTLBGet Rating) last issued its quarterly earnings data on Tuesday, September 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.08. The business had revenue of $101.00 million during the quarter, compared to analyst estimates of $94.44 million. GitLab had a negative return on equity of 20.93% and a negative net margin of 51.69%. GitLab’s revenue for the quarter was up 73.8% compared to the same quarter last year. On average, sell-side analysts anticipate that GitLab will post -1.4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GTLB. Cowen increased their price objective on GitLab to $70.00 in a research report on Tuesday, September 6th. Scotiabank initiated coverage on shares of GitLab in a research report on Wednesday, June 8th. They set an outperform rating and a $62.00 target price on the stock. The Goldman Sachs Group raised GitLab from a neutral rating to a buy rating and lifted their target price for the stock from $69.00 to $80.00 in a research report on Monday, June 27th. Piper Sandler raised their price target on shares of GitLab from $60.00 to $67.00 in a report on Wednesday, July 13th. Finally, JPMorgan Chase & Co. initiated coverage on shares of GitLab in a report on Thursday, September 1st. They issued a neutral rating and a $63.00 price target for the company. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $80.46.

Insider Activity at GitLab

In other GitLab news, major shareholder August Capital Management Vii, sold 70,000 shares of the business’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $56.57, for a total value of $3,959,900.00. Following the completion of the sale, the insider now directly owns 72,452 shares of the company’s stock, valued at approximately $4,098,609.64. The transaction was disclosed in a filing with the SEC, which is available through this link. In other GitLab news, major shareholder August Capital Management Vii, sold 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $56.57, for a total transaction of $3,959,900.00. Following the transaction, the insider now owns 72,452 shares in the company, valued at approximately $4,098,609.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Howard Hartenbaum sold 18,453 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $64.63, for a total transaction of $1,192,617.39. Following the transaction, the insider now owns 150,000 shares in the company, valued at approximately $9,694,500. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 193,196 shares of company stock worth $11,762,380.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sei Investments Co. purchased a new position in GitLab during the first quarter valued at $1,634,000. Northern Trust Corp lifted its holdings in GitLab by 7.2% during the first quarter. Northern Trust Corp now owns 19,778 shares of the company’s stock valued at $1,076,000 after purchasing an additional 1,325 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in GitLab by 419.2% during the first quarter. Renaissance Technologies LLC now owns 13,500 shares of the company’s stock valued at $735,000 after purchasing an additional 10,900 shares in the last quarter. Legal & General Group Plc purchased a new position in GitLab during the second quarter valued at $679,000. Finally, Advisory Services Network LLC purchased a new position in GitLab during the first quarter valued at $624,000. Institutional investors and hedge funds own 42.66% of the company’s stock.

About GitLab

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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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