GitLab (NASDAQ:GTLB) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

GitLab (NASDAQ:GTLB) released its quarterly earnings data on Tuesday. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05, Briefing.com reports. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period in the prior year, the firm posted ($0.29) EPS. The business’s revenue for the quarter was up 30.8% on a year-over-year basis.

GitLab Stock Performance

GitLab stock opened at $44.68 on Wednesday. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53. The firm has a market cap of $7.10 billion, a PE ratio of -16.25 and a beta of 0.46. The firm’s 50 day moving average price is $48.75 and its two-hundred day moving average price is $53.11.

Analyst Ratings Changes

GTLB has been the topic of a number of research reports. Baird R W upgraded GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. KeyCorp reduced their price target on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. TD Cowen dropped their price objective on shares of GitLab from $76.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Canaccord Genuity Group cut their target price on shares of GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Finally, Barclays decreased their price target on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.63.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at $12,758,527.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,275 shares of company stock valued at $6,848,847. Insiders own 21.36% of the company’s stock.

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.