GitLab (NASDAQ:GTLB – Get Free Report) issued an update on its fourth quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.08-0.09 for the period, compared to the consensus estimate of ($0.01). The company issued revenue guidance of $157-158 million, compared to the consensus revenue estimate of $150.29 million.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GTLB shares. Sanford C. Bernstein began coverage on shares of GitLab in a research note on Monday, September 11th. They set an outperform rating and a $62.00 price objective for the company. Cantor Fitzgerald assumed coverage on GitLab in a research note on Wednesday, November 22nd. They issued an overweight rating and a $55.00 price target for the company. Piper Sandler boosted their price target on GitLab from $52.00 to $65.00 and gave the stock an overweight rating in a research report on Wednesday, September 6th. KeyCorp cut their price objective on GitLab from $65.00 to $57.00 and set an overweight rating for the company in a report on Monday, October 23rd. Finally, TD Cowen boosted their target price on shares of GitLab from $56.00 to $63.00 and gave the stock an outperform rating in a report on Wednesday, September 6th. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $58.21.

Read Our Latest Stock Analysis on GitLab

GitLab Stock Performance

GitLab stock traded up $0.46 during mid-day trading on Monday, reaching $52.93. 7,105,479 shares of the company’s stock were exchanged, compared to its average volume of 2,297,684. The business’s fifty day simple moving average is $45.47 and its 200 day simple moving average is $46.17. GitLab has a one year low of $26.24 and a one year high of $58.70.

GitLab (NASDAQ:GTLB – Get Free Report) last posted its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.04. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The business had revenue of $139.58 million for the quarter, compared to the consensus estimate of $129.81 million. During the same quarter in the prior year, the business earned ($0.40) earnings per share. GitLab’s revenue for the quarter was up 38.1% on a year-over-year basis. As a group, analysts anticipate that GitLab will post -1.13 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Sytse Sijbrandij sold 159,433 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $49.12, for a total transaction of $7,831,348.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Susan L. Bostrom sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $52.76, for a total transaction of $1,055,200.00. Following the transaction, the director now directly owns 305,869 shares in the company, valued at approximately $16,137,648.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 159,433 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $49.12, for a total transaction of $7,831,348.96. The disclosure for this sale can be found here. Insiders have sold 701,756 shares of company stock worth $34,216,334 in the last three months. 28.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently modified their holdings of the stock. Quarry LP purchased a new stake in GitLab in the second quarter worth about $30,000. FMR LLC grew its stake in shares of GitLab by 80.0% in the 3rd quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after buying an additional 268 shares during the last quarter. Ossiam bought a new position in GitLab during the 1st quarter valued at approximately $27,000. Lazard Asset Management LLC bought a new position in GitLab during the 1st quarter valued at approximately $47,000. Finally, Coppell Advisory Solutions LLC bought a new stake in GitLab in the second quarter worth $43,000. Institutional investors own 54.15% of the company’s stock.

GitLab Company Profile (Get Free Report)

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.

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Original: MarketBeat News Feed: GitLab (NASDAQ:GTLB) Issues Q4 Earnings Guidance