DA Davidson Reiterates Neutral Rating on GitLab Inc (GTLB)

DA Davidson analyst Gil Luria reiterated a Neutral rating and $60.00 price target on GitLab Inc (NASDAQ: GTLB).

The analyst comments "Strong Ultimate Growth and Forward-Looking Metrics. GitLab continues to see traction with its Ultimate tier which grew over 90% Y/Y and now represents 50% of total ARR, compared to 48% last quarter. Net new customers w/ > $100K ARR was a record 85, compared to 68 last Q and 81 in the same period last year. Net new customers w/ >$5K ARR was 374, compared to 205 last Q and 427 in the same period last year. NRR ticked down again to 123% from 126% however seat contribution in the quarter was 75% compared to 50% previously due to a large customer expansion and Duo traction. Billings growth accelerated in the quarter to 31.5% Y/Y while RPO and cRPO Y/Y growth were both healthy at 40% and 33% respectively though each decelerated. • We have updated our estimates in-line with guidance. We maintain our NEUTRAL rating and price target of $60, representing ~10x our CY25 rev est."

For an analyst ratings summary and ratings history on GitLab Inc click here. For more ratings news on GitLab Inc click here.

Shares of GitLab Inc closed at $56.25 yesterday.

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