Gitlab Inc (NASDAQ:GTLB) shares tanked in early trading on Wednesday, despite the company on Tuesday reporting upbeat fourth-quarter earnings.
• GitLab shares are sliding. What’s behind GTLB decline?
Here are the key analyst insights:
- Guggenheim Securities analyst Howard Ma maintained a Buy rating, while reducing the price target from $60 to $50.
- BTIG analyst Nick Altmann reiterated a Buy rating, while cutting the price target from $32 to $30.
- Canaccord Genuity analyst Kingsley Crane reaffirmed a Buy rating, while slashing the price target from $70 to $40.
- Needham analyst Mike Cikos maintained a Buy rating, while cutting the price target from $50 to $32.
- Rosenblatt Securities analyst Blair Abernethy reiterated a Buy rating, while slashing the price target from $55 to $43.
- Cantor Fitzgerald analyst Jonathan Ruykhaver reaffirmed a Neutral rating and price target of $30.
Check out other analyst stock ratings.
Guggenheim Securities: Gitlab reported total revenue of $260 million, up 23% year-on-year, topping consensus of $252 million, Ma said in a note. Subscription revenue came in at $234 million, up 26% year-on-year, above consensus of $227 million, he added.
While Fed deals slipped out of the fiscal third quarter, a few enterprise deals also slipped and NRR growth decelerated by another percentage point sequentially to 118%, the analyst stated. Total revenue guidance came in “about $15M below consensus of $1.1120B at the midpoint,” he further wrote.
BTIG: Gitlab’s revenues came in higher than consensus but included …