Gitlab (GTLB) - ★★★★
Ranked #7 in Q3 2024 SMID Cap Equity Rankings
Highlights:
Gitlab (GTLB) stock jumped 18% in intraday trading today, trading above $52 per share
GTLB was ranked #7 in our Q3 2024 SMID Cap Equity Rankings with a 12-month price target of $56
Bullish option traders were rewarded with over 100% gains on $50 call options expiring in October 2024
Even after today's move, GTLB is still down -14% year-to-date (YTD)
Company Updates:
GTLB raised its 2025 revenue forecast to $742 million to $744 million, up from the prior range of $733 million to $737 million
The company now expects 2025 operating income in the range of $55 million to $58 million, compared to the earlier forecast of $34 million to $38 million
GTLB reported Q2 revenue of $182.6 million, up from $139.6 million a year ago
Outlook: Despite the recent pullback, Gitlab remains a compelling growth story in the DevOps and software development tools space. The company's improved financial guidance and positive momentum in Q2 suggest GTLB is well-positioned to continue its strong performance. We maintain our bullish stance on the stock and believe the current valuation presents an attractive entry point for long-term investors.
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