GitLab Inc. GTLB reported better-than-expected results for its third quarter and issued strong forecast for FY23.
GitLab said third-quarter revenue increased 69% year-over-year to $112.98 million, which beat analysts’ estimates of $106.5 million. The company reported a quarterly adjusted net loss of 10 cents per share, which beat estimates for a loss of 15 cents per share.
GitLab said it sees full-year revenue to be between $420.5 million and $421.5 million versus estimates of $413.71 million. The company anticipates a full-year loss between 55 cents and 56 cents per share versus estimates for a loss of 65 cents per share.
GitLab shares jumped 11.8% to trade at $42.87 on Tuesday.
These analysts made changes to their price targets on GitLab ahead of the release of quarterly results.
- Keybanc cut the price target on the stock from $63 to $60. Keybanc analyst Michael Turits maintained an Overweight rating on the stock.
- Piper Sandler lowered GitLab's price target from $67 to $60. Piper Sandler analyst Rob Owens maintained an Overweight rating on the stock.
- RBC Capital increased the price target on GitLab from $55 to $60. RBC Capital analyst Matthew Hedberg maintained an Outperform rating on the stock.
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