Why GitLab Stock Is Soaring Today

GitLab Inc. GTLB shares popped Tuesday after the company reported better-than-expected first-quarter results.

What To Know: The company reported a quarterly loss of 6 cents per share, versus the analyst consensus estimate of a loss of 14 cents per share.

Quarterly sales of $126.90 million beat the analyst consensus estimate of $117.78 million representing a 45.18% increase over sales of $87.41 million the same quarter last year.

"With AI revolutionizing how companies develop, secure, and operate software, we believe GitLab is positioned as the leading AI-powered DevSecOps platform," said Sid Sijbrandij, GitLab CEO and Co-Founder, acknowledging GitLab's unique strength. 

Several analysts also raised GitLab's price target, ranging from $45 to $60.

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GTLB Price Action: Shares of GTLB were up 32.7% at $46.97 at the time of publication, according to Benzinga Pro.

Image by Innova Labs from Pixabay