GTLB - GitLab shares rocket 22% as software provider raises prices

GitLab ( NASDAQ: GTLB ) shares surged as much as 22% Thursday as the devops software company said it was raising the price of its premium level service for the first time in five years.

David DeSanto, GitLab's ( GTLB ) chief product officer, said in a company blog post that GitLab ( GTLB ) will raise the price of its GitLab Premium product from $19 a month, per user, to $29 a month, effective April 3. Current GitLab Premium users will get a break on pricing, and will have to pay only $24 a month, per user, until April 2, 2004.

DeSanto said that in addition to implementing its first price bump for GitLab ( GTLB ) Premium in five years, the product has added 400 new features since 2018 that are designed so that customers can deliver their software faster.

Barclay's analyst Ryan MacWilliams said the price increase "could help investors feel better" about GitLab's growth ( GTLB ) in 2024 and 2025.

Wall Street analysts currently have a consensus buy rating on GitLab's ( GTLB ) stock, while Seeking Alpha authors give the shares a rating of hold. Seeking Alpha's Quant System, which historically outperforms the stock market, gives GitLab shares a strong buy rating .

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