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."
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Shares of GitLab Inc closed at $56.25 yesterday.