GitLab (NASDAQ:GTLB) Issues Q4 Earnings Guidance

GitLab (NASDAQ:GTLB) issued an update on its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.22-0.23 for the period, compared to the consensus earnings per share estimate of $0.14. The company issued revenue guidance of $205-206 million, compared to the consensus revenue estimate of $204.42 million.

GitLab Price Performance

Shares of GTLB stock traded down $0.52 during mid-day trading on Thursday, reaching $66.04. The stock had a trading volume of 5,657,864 shares, compared to its average volume of 2,338,455. The stock’s 50-day moving average price is $57.31 and its two-hundred day moving average price is $52.12. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same quarter last year, the firm posted ($0.29) earnings per share. The firm’s revenue was up 30.8% on a year-over-year basis. As a group, equities analysts predict that GitLab will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. UBS Group lifted their price target on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. TD Cowen increased their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Wells Fargo & Company upped their target price on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, DA Davidson reiterated a “neutral” rating and set a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $67.58.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the sale, the director now directly owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is currently owned by insiders.

About GitLab

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.