GitLab (NASDAQ:GTLB) Releases Q4 Earnings Guidance

GitLab (NASDAQ:GTLB) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.22-0.23 for the period, compared to the consensus earnings per share estimate of $0.14. The company issued revenue guidance of $205-206 million, compared to the consensus revenue estimate of $204.42 million.

GitLab Stock Down 0.8 %

Shares of GTLB stock traded down $0.52 during trading on Thursday, reaching $66.04. The company had a trading volume of 5,657,864 shares, compared to its average volume of 2,338,455. The firm’s 50 day simple moving average is $57.31 and its two-hundred day simple moving average is $52.12. GitLab has a one year low of $40.72 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the previous year, the company earned ($0.29) earnings per share. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. As a group, research analysts predict that GitLab will post -0.41 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GTLB. Bank of America raised their price target on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. UBS Group lifted their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Barclays increased their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Wells Fargo & Company boosted their target price on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, BTIG Research increased their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.58.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by company insiders.

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.