GitLab Inc. (GTLB) shares plunged 5.12% in pre-market trading on Tuesday, following multiple analysts lowering their price targets on the software development platform company.
Mizuho analyst Gregg Moskowitz cut the firm's price target on GitLab to $72 from $80, while maintaining an Outperform rating on the stock. Similarly, Barclays analyst Ryan MacWilliams lowered the price target to $58 from $70, with an Equal Weight rating.
Despite GitLab reporting better-than-expected fourth-quarter earnings and revenue, analysts expressed concerns about the company's guidance for fiscal 2026. While GitLab expects adjusted earnings of $0.68 to $0.72 per share, it falls short of Wall Street's forecast of $0.80 per share. Additionally, the company's revenue guidance for fiscal 2026 also missed analysts' expectations.
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