GitLab (NASDAQ:GTLB – Get 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:GTLB – Get 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
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.
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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