Piper Sandler on GitLab Inc (GTLB): 'We Are Buyers Into the Print'

Piper Sandler analyst Rob Owens reiterated an Overweight rating and $70.00 price target on GitLab Inc (NASDAQ: GTLB).

The analyst commented: "As we contemplate these readthroughs, setup and sentiment, our top ideas for upcoming prints are GTLB and PANW. GTLB and PANW set up as our high confidence upcoming setups. In light of what has proven to be a volatile quarter for prints thus far, we favor names with conservative setups, durable demand drivers and positive readthroughs from calendar prints. After accelerating growth and conservatively reiterating guide last quarter, we think GTLB is well positioned for a strong 3Q. Positive trends from infrastructure peers should bode well for the company, and we note IDE downloads accelerated this quarter as well.

We are buyers into the print. Solid prints out of infrastructure peers points to strong developer activity in 3Q, and our tracking of IDE downloads accelerated slightly in 3Q, both giving us confidence in the company's ability to sustain momentum seen last quarter. We are expecting a beat and modest raise to expectations as a result."

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 $45.55 yesterday.

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