GitLab (NASDAQ:GTLB) Releases Earnings Results, Beats Expectations By $0.10 EPS
GitLab (NASDAQ:GTLB – Get Free Report) released its earnings results on Monday. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10, MarketWatch Earnings reports. The business had revenue of $149.67 million for the quarter, compared to the consensus estimate of $141.54 million. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. GitLab’s quarterly revenue was up 32.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.33) earnings per share. GitLab updated its Q4 guidance to $0.08-0.09 EPS.
GitLab Stock Up 0.9 %
Shares of NASDAQ:GTLB traded up $0.46 during trading on Monday, hitting $52.93. 8,189,219 shares of the company were exchanged, compared to its average volume of 2,305,238. The business’s 50 day moving average is $45.47 and its 200-day moving average is $46.17. GitLab has a 1-year low of $26.24 and a 1-year high of $58.70.
Insider Transactions at GitLab
In other news, Director Susan L. Bostrom sold 20,000 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $52.76, for a total transaction of $1,055,200.00. Following the completion of the transaction, the director now directly owns 305,869 shares in the company, valued at $16,137,648.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total value of $528,200.00. Following the completion of the sale, the chief financial officer now directly owns 486,849 shares in the company, valued at $25,715,364.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $52.76, for a total value of $1,055,200.00. Following the completion of the sale, the director now owns 305,869 shares of the company’s stock, valued at $16,137,648.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 701,756 shares of company stock worth $34,216,334. Corporate insiders own 28.04% of the company’s stock.
Institutional Trading of GitLab
Institutional investors have recently bought and sold shares of the company. Comerica Bank bought a new stake in GitLab during the third quarter valued at $168,000. MetLife Investment Management LLC bought a new position in shares of GitLab during the 2nd quarter worth about $153,000. Deutsche Bank AG boosted its position in shares of GitLab by 69.0% during the 1st quarter. Deutsche Bank AG now owns 3,646 shares of the company’s stock worth $125,000 after purchasing an additional 1,489 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of GitLab by 241.4% during the 4th quarter. Advisors Asset Management Inc. now owns 2,055 shares of the company’s stock worth $93,000 after purchasing an additional 1,453 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in shares of GitLab during the 2nd quarter worth about $82,000. Institutional investors own 54.15% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on GTLB shares. KeyCorp lowered their price target on GitLab from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Monday, October 23rd. TD Cowen boosted their price target on GitLab from $56.00 to $63.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 6th. DA Davidson boosted their price target on GitLab from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 6th. Barclays downgraded GitLab from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $65.00 to $50.00 in a research report on Friday, November 17th. Finally, Truist Financial boosted their price target on GitLab from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 6th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.21.
Get Our Latest Stock Report on GitLab
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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