TECH - GitLab's Surprising Quarter: What Are Analysts Whispering About Its Future? | Benzinga
Truist Securities analyst Miller Jump maintained GitLab Inc (NASDAQ: GTLB) with a Buy and raised the price target from $65 to $70.
GTLB produced its third consecutive beat-and-raise quarter, driven by solid execution and an improving demand backdrop.
The quarter saw stabilizing enterprise demand as their platform vision for DevSecOps resonates in the market, and customers are consolidating tools onto their solution.
The company expects momentum to continue with improved visibility into their pipeline as they progress through the renewal-heavy 4Q. Given the momentum, Jump noted that the guidance may prove conservative as early tailwinds from multiple growth drivers take hold.
Jump projected 4Q revenue and EPS of $158 million (prior $150 million) and $0.08.
Scotiabank analyst Nick Altmann maintained a Buy rating on Gitlab and raised the price target from $60 to $70.
The 6% upside to consensus estimates, a bounce-back in bookings, improvements in seat contraction, and a guidance raise of 4% led to shares moving higher after hours.
GTLB did not provide FY25 guidance but did note they expect a $10 million - $20 million tailwind from the Premium pricing changes, which ...