Brokers Set Expectations for GitLab Inc.’s Q1 2024 Earnings (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB – Get Rating) – Equities researchers at KeyCorp lifted their Q1 2024 EPS estimates for GitLab in a research report issued to clients and investors on Tuesday, March 14th. KeyCorp analyst M. Turits now expects that the company will earn ($0.23) per share for the quarter, up from their previous estimate of ($0.31). KeyCorp has a “Overweight” rating and a $60.00 price target on the stock. The consensus estimate for GitLab’s current full-year earnings is ($0.92) per share. KeyCorp also issued estimates for GitLab’s Q2 2024 earnings at ($0.17) EPS, Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.11) EPS, FY2024 earnings at ($0.65) EPS and FY2025 earnings at ($0.39) EPS.

A number of other research analysts have also recently commented on the stock. Truist Financial reduced their price target on shares of GitLab from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, March 14th. The Goldman Sachs Group lowered their price objective on GitLab from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Tuesday, March 14th. FBN Securities assumed coverage on GitLab in a research note on Monday, January 23rd. They issued an “outperform” rating and a $60.00 price objective on the stock. Royal Bank of Canada cut their price objective on GitLab from $60.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 14th. Finally, Piper Sandler decreased their price objective on GitLab from $58.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, March 14th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus target price of $58.50.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $36.92 on Friday. The company has a market capitalization of $5.53 billion, a P/E ratio of -31.56 and a beta of -0.18. GitLab has a fifty-two week low of $30.92 and a fifty-two week high of $70.96. The company’s 50-day moving average is $46.02 and its 200 day moving average is $46.70.

GitLab (NASDAQ:GTLB – Get Rating) last posted its quarterly earnings results on Monday, March 13th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.11. The company had revenue of $122.90 million for the quarter, compared to the consensus estimate of $119.59 million. GitLab had a negative net margin of 40.61% and a negative return on equity of 23.18%. The firm’s quarterly revenue was up 58.0% compared to the same quarter last year. During the same period last year, the company posted ($0.25) EPS.

Insider Buying and Selling

In related news, major shareholder Divesh Makan sold 53,676 shares of GitLab stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $44.65, for a total value of $2,396,633.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Dale R. Brown sold 2,680 shares of the stock in a transaction that occurred on Thursday, January 26th. The shares were sold at an average price of $50.00, for a total value of $134,000.00. Following the transaction, the insider now directly owns 16,265 shares in the company, valued at $813,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Divesh Makan sold 53,676 shares of the stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,082 shares of company stock valued at $2,880,100. Company insiders own 0.19% of the company’s stock.

Institutional Trading of GitLab

A number of large investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC bought a new position in GitLab during the fourth quarter worth about $30,000. Sands Capital Ventures LLC acquired a new stake in GitLab during the 4th quarter worth approximately $30,000. OLD Mission Capital LLC acquired a new position in shares of GitLab in the 4th quarter worth approximately $37,000. First Horizon Advisors Inc. bought a new stake in shares of GitLab in the 3rd quarter valued at $47,000. Finally, Lazard Asset Management LLC bought a new stake in shares of GitLab in the 1st quarter valued at $47,000. Institutional investors and hedge funds own 48.99% of the company’s stock.

GitLab Company Profile

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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.