Needham Reiterates Hold Rating on GitLab Inc (GTLB)

Needham analyst Mike Cikos reiterated a Hold rating on GitLab Inc (NASDAQ: GTLB).

The analyst comments "GitLab reported a solid quarter with Revenue outperformance better-aligning to management's targeted ~3%-5% upside, in comparison to the skinnier beat last quarter. The company is seeing traction with Ultimate, which (1) accounted for 7 of GitLab's Top 10 deals during 2QFY25; and (2) accounted for more than 65% of dollars invested by GitLab's $100,000-plus ARR cohort in the quarter. Leading indicators such as cRPO growth of 42% and RPO growth of 51% both accelerated. DBNRR of 126% declined 3 points, with ~40% of the growth linked to Seat Expansion (from ~55% last quarter). Management commentary indicated that Churn and Contraction improved to their best levels in the last 8 quarters, where GitLab is seeing strength from the Enterprise segment."

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 $44.68 yesterday.

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