GitLab Gets Price Targets Cuts By Analysts Following Weak Revenue Outlook

GitLab Inc GTLB reported a narrower-than-expected quarterly loss, but issued weak revenue guidance.

GitLab reported quarterly losses of 3 cents per share which beat the analyst consensus estimate of a loss of 14 cents. The company reported quarterly sales of $122.90 million which beat the analyst consensus estimate of $119.56 million by 2.8%.

The company sees first-quarter revenue in the range of $117 million-$118 million, versus the analyst consensus estimate of $126.33 million.

GitLab shares dropped 32.6% to $30.08 in today’s pre-market trading session.

These analysts made changes to their price targets on GitLab following the release of results.

  • Piper Sandler cut the price target on GitLab from $58 to $50. Piper Sandler analyst Rob Owens maintained an Overweight rating.
  • RBC Capital lowered the price target on GitLab from $60 to $45. RBC Capital analyst Matthew Hedberg maintained an Outperform rating.
  • Goldman Sachs cut the price target on GitLab from $75 to $65. Goldman Sachs analyst Alexander Blostein maintained a Buy rating.
  • Truist Securities slashed the price target on GitLab from $65 to $50. Truist Securities analyst Miller Jump maintained the stock with a Buy rating.

Read More: Top 5 Financial Stocks That Are Preparing To Pump In March

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