Gitlab (NASDAQ:GTLB) Issues FY 2023 Earnings Guidance

Gitlab (NASDAQ:GTLBGet Rating) updated its FY 2023 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $-1.020-$-0.970 for the period, compared to the Thomson Reuters consensus estimate of $-1.040. The company issued revenue guidance of $385.50 million-$390.50 million, compared to the consensus revenue estimate of $336.64 million.Gitlab also updated its Q1 2023 guidance to $-0.280-$-0.270 EPS.

GTLB opened at $46.35 on Tuesday. Gitlab has a one year low of $30.74 and a one year high of $137.00. The firm has a 50-day simple moving average of $56.20.

Gitlab (NASDAQ:GTLBGet Rating) last posted its earnings results on Monday, March 14th. The company reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.09. As a group, sell-side analysts forecast that Gitlab will post -1.34 earnings per share for the current year.

Several analysts recently commented on the stock. Zacks Investment Research upgraded shares of Gitlab from a sell rating to a hold rating in a research note on Tuesday, February 8th. KeyCorp lowered their price target on Gitlab from $115.00 to $50.00 and set an overweight rating on the stock in a report on Tuesday, March 15th. JPMorgan Chase & Co. upgraded Gitlab from a neutral rating to an overweight rating and set a $99.00 price target on the stock in a report on Thursday, January 27th. The Goldman Sachs Group reduced their price target on Gitlab from $100.00 to $86.00 and set a neutral rating on the stock in a research note on Wednesday, March 16th. Finally, Bank of America reduced their price target on Gitlab from $125.00 to $105.00 and set a buy rating on the stock in a research note on Wednesday, March 9th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Buy and a consensus price target of $97.56.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Schonfeld Strategic Advisors LLC acquired a new stake in Gitlab in the 4th quarter valued at $226,000. Renaissance Technologies LLC acquired a new stake in Gitlab in the 4th quarter valued at $226,000. Marshall Wace LLP acquired a new stake in shares of Gitlab during the fourth quarter valued at about $373,000. Bank of America Corp DE acquired a new stake in shares of Gitlab during the fourth quarter valued at about $749,000. Finally, Wells Fargo & Company MN acquired a new position in Gitlab in the fourth quarter worth about $991,000. Hedge funds and other institutional investors own 7.55% of the company’s stock.

Gitlab Company Profile (Get Rating)

GitLab Inc is the provider of The DevOps platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes. GitLab Inc is based in SAN FRANCISCO.

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Earnings History and Estimates for Gitlab (NASDAQ:GTLB)

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