Q1 2024 EPS Estimates for GitLab Inc. Increased by KeyCorp (NASDAQ:GTLB)

GitLab Inc. (NASDAQ:GTLB – Get Rating) – Equities researchers at KeyCorp lifted their Q1 2024 earnings per share estimates for shares of GitLab in a note issued to investors on Tuesday, March 14th. KeyCorp analyst M. Turits now anticipates that the company will earn ($0.23) per share for the quarter, up from their prior forecast of ($0.31). KeyCorp currently 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.

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

A number of other equities research analysts have also recently weighed in on the company. UBS Group cut their price target on GitLab from $54.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 14th. Truist Financial decreased their target price on shares of GitLab from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, March 14th. The Goldman Sachs Group reduced their price objective on shares of GitLab from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Tuesday, March 14th. Piper Sandler dropped their target price on shares of GitLab from $58.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday, March 14th. Finally, FBN Securities assumed coverage on shares of GitLab in a report on Monday, January 23rd. They set an “outperform” rating and a $60.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

GitLab Stock Performance

Shares of GTLB stock opened at $36.92 on Friday. The company’s 50-day simple moving average is $46.02 and its 200-day simple moving average is $46.70. GitLab has a one year low of $30.92 and a one year high of $70.96. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of -31.56 and a beta of -0.18.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in GitLab by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock valued at $494,000 after buying an additional 257 shares during the last quarter. UMB Bank n.a. grew its stake in GitLab by 25.8% during the 4th quarter. UMB Bank n.a. now owns 1,318 shares of the company’s stock worth $60,000 after purchasing an additional 270 shares in the last quarter. Parallel Advisors LLC lifted its holdings in GitLab by 26.7% during the 4th quarter. Parallel Advisors LLC now owns 1,415 shares of the company’s stock worth $64,000 after buying an additional 298 shares during the last quarter. AJ Wealth Strategies LLC lifted its holdings in shares of GitLab by 10.2% in the 3rd quarter. AJ Wealth Strategies LLC now owns 5,406 shares of the company’s stock valued at $277,000 after purchasing an additional 500 shares during the last quarter. Finally, Brookstone Capital Management raised its stake in GitLab by 11.5% during the 3rd quarter. Brookstone Capital Management now owns 5,129 shares of the company’s stock valued at $244,000 after acquiring an additional 529 shares during the last quarter. 48.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder Divesh Makan sold 53,676 shares of the stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $44.65, for a total value of $2,396,633.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Divesh Makan sold 53,676 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the purchase, the insider now directly owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 64,082 shares of company stock valued at $2,880,100. 0.19% of the stock is owned by insiders.

About GitLab

(Get Rating)

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.