GitLab (NASDAQ:GTLB – Get Rating) issued an update on its third quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of -$0.16–$0.15 for the period, compared to the consensus earnings per share estimate of -$0.25. The company issued revenue guidance of $105.00 million-$106.00 million, compared to the consensus revenue estimate of $103.41 million. GitLab also updated its FY 2023 guidance to -$0.67–$0.64 EPS.

GitLab Price Performance

Shares of NASDAQ:GTLB traded down $2.46 during trading on Thursday, reaching $52.75. The company had a trading volume of 13,707 shares, compared to its average volume of 2,129,006. The firm has a market capitalization of $7.85 billion and a price-to-earnings ratio of -34.89. The stock's fifty day moving average price is $59.54 and its 200 day moving average price is $51.92. GitLab has a fifty-two week low of $30.74 and a fifty-two week high of $137.00.

GitLab (NASDAQ:GTLB – Get Rating) last announced its quarterly earnings data on Tuesday, September 6th. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.08. The firm had revenue of $101.00 million for 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%. The company's quarterly revenue was up 73.8% compared to the same quarter last year. On average, equities analysts anticipate that GitLab will post -1.4 EPS for the current fiscal year.

Analysts Set New Price Targets

Insider Activity at GitLab

In other GitLab news, major shareholder Howard Hartenbaum sold 18,453 shares of the business'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 completion of the sale, the insider now directly owns 150,000 shares in the company, valued at $9,694,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other GitLab news, major shareholder August Capital Management Vii, sold 61,170 shares of the business's stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $67.07, for a total value of $4,102,671.90. Following the transaction, the insider now owns 149,737 shares in the company, valued at approximately $10,042,860.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Howard Hartenbaum sold 18,453 shares of the firm's stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $64.63, for a total value of $1,192,617.39. Following the sale, the insider now owns 150,000 shares of the company's stock, valued at $9,694,500. The disclosure for this sale can be found here. Over the last three months, insiders sold 193,196 shares of company stock worth $11,762,380.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC bought a new position in GitLab in the first quarter worth about $47,000. United Capital Financial Advisers LLC acquired a new position in GitLab in the first quarter worth approximately $203,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in GitLab in the second quarter worth approximately $227,000. Raymond James & Associates grew its position in GitLab by 62.6% in the first quarter. Raymond James & Associates now owns 4,289 shares of the company's stock worth $234,000 after buying an additional 1,652 shares during the last quarter. Finally, AJ Wealth Strategies LLC acquired a new position in GitLab in the first quarter worth approximately $267,000. 42.66% of the stock is currently owned by institutional investors.

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.

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