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.
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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
Several brokerages recently commented on GTLB. JPMorgan Chase & Co. began coverage on shares of GitLab in a research note on Thursday, September 1st. They issued a neutral rating and a $63.00 price objective for the company. UBS Group raised their price objective on shares of GitLab to $72.00 in a research note on Tuesday, September 6th. The Goldman Sachs Group upgraded shares of GitLab from a neutral rating to a buy rating and raised their price objective for the company from $69.00 to $80.00 in a research note on Monday, June 27th. Royal Bank of Canada raised their price objective on shares of GitLab from $66.00 to $75.00 and gave the company an outperform rating in a research note on Thursday, August 18th. Finally, Needham & Company LLC cut their target price on shares of GitLab from $70.00 to $60.00 and set a buy rating for the company in a research report on Wednesday, September 7th. One 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, GitLab currently has a consensus rating of Moderate Buy and an average target price of $80.46.
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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