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
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
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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