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

GitLab (NASDAQ:GTLB - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $176.86 million. During the same period in the prior year, the company earned ($0.29) earnings per share. GitLab's revenue was up 30.8% compared to the same quarter last year.

GitLab Stock Performance

NASDAQ:GTLB traded up $9.67 during trading hours on Wednesday, reaching $54.35. The company's stock had a trading volume of 13,604,652 shares, compared to its average volume of 2,571,767. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of -19.67 and a beta of 0.46. The firm has a 50-day simple moving average of $48.75 and a 200-day simple moving average of $53.11. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the transaction, the chief financial officer now owns 305,175 shares in the company, valued at approximately $13,293,423. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the firm's stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the sale, the chief financial officer now owns 305,175 shares of the company's stock, valued at approximately $13,293,423. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karen Blasing sold 4,430 shares of the firm's stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $249,187.50. Following the completion of the sale, the director now directly owns 150,983 shares in the company, valued at approximately $8,492,793.75. The disclosure for this sale can be found here. Insiders have sold a total of 140,275 shares of company stock worth $6,848,847 in the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently added to or reduced their stakes in GTLB. Sycomore Asset Management boosted its stake in shares of GitLab by 135.6% during the 2nd quarter. Sycomore Asset Management now owns 166,574 shares of the company's stock valued at $8,089,000 after purchasing an additional 95,874 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of GitLab by 4.8% during the 2nd quarter. Clearbridge Investments LLC now owns 523,820 shares of the company's stock valued at $26,044,000 after purchasing an additional 23,899 shares in the last quarter. Quarry LP boosted its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after purchasing an additional 1,502 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of GitLab by 1,890.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company's stock valued at $7,110,000 after purchasing an additional 135,824 shares in the last quarter. Finally, Algert Global LLC boosted its stake in shares of GitLab by 270.4% during the 2nd quarter. Algert Global LLC now owns 143,145 shares of the company's stock valued at $7,117,000 after purchasing an additional 104,495 shares in the last quarter. Institutional investors own 91.72% of the company's stock.

Analyst Upgrades and Downgrades

GTLB has been the subject of several research reports. Baird R W raised GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday. Citic Securities began coverage on GitLab in a research report on Monday, June 3rd. They set a "buy" rating and a $80.00 target price on the stock. BTIG Research increased their target price on GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Canaccord Genuity Group dropped their target price on GitLab from $74.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $65.63.

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.