GitLab Earns an Upgrade Following Guidance Miss

GitLab Earns an Upgrade Following Guidance Miss March 6, 2024, 11:53 a.m., readers: 7

Wolfe Research analysts raised GitLab (NASDAQ:GTLB) to an Outperform rating, setting a price target at $75. This follows GitLab's announced guidance miss, which resulted in an over 20% decline in its stock price yesterday. Despite the downturn, Wolfe identifies GitLab as a leading contender for rapid growth within the software sector this year, buoyed by multiple product initiatives and significant potential for revenue growth through pricing strategies. Following this upgrade, GitLab's shares experienced a 5% uptick intra-day today. The team at Wolfe highlighted a discernible shift in GitLab's customer purchasing patterns in the fourth fiscal quarter, marking a positive transition from the trends observed in the preceding quarter.

About NASDAQ: GTLB

G itLab 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. It helps organizations to plan, build, secure, and deploy software to drive business outcomes. The company also provides related training and professional services.

Price: 53.86
Market cap: 8.2 billion USD
Eps: -1.31
P/e ratio: -41.11
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