GitLab Stock Falls After Q3 Results And Q4 Guidance Misses Midpoint, Rosenblatt Cuts Target To $55

GitLab Inc (NASDAQ:GTLB) shares moved lower on Wednesday after the company released its third-quarter results and issued fourth-quarter sales guidance that came in slightly below analyst expectations. Additionally, Rosenblatt cut its price target on the stock to $55 from $58.

GTLB shares are near support zones. View the charts here.

What Happened: GitLab reported earnings of 25 cents per share, surpassing analyst estimates of 20 cents.

The quarter’s revenue was $244.4 million, which is better than the expected revenue of $239.63 million, a 24.64% increase compared to $196.0 million of the previous year.

“More code means more of a need for GitLab,” said Bill Staples, GitLab CEO. “Engagement is growing across our platform as we are a critical part of how our customers deliver high quality, secure software. We’ve architected GitLab and ...

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GitLab Stock Falls After Q3 Results And Q4 Guidance Misses Midpoint, Rosenblatt Cuts Target To $55

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