Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

GitLab stock skyrockets over 35% on AI-powered product announcement, exceeds Q1 revenue expectations

GitLab, a popular software development platform, experienced a surge in its stock price Tuesday after revealing plans to launch an AI-powered product aimed at increasing revenue.

Shares of GitLab Inc jumped more than 35% on Tuesday after the software development platform announced plans to launch a revenue-boosting artificial intelligence (AI)-powered product.

GitLab, widely used by software developers for coding work, will add a "ModelOps" feature to its main "DevSecOps" platform with new capabilities including code writing suggestions. The product is expected to be launched this year at $9 per month, GitLab said late Monday.

"The product ... has the potential to be a healthy growth driver in FY25," Bank of America analysts led by Koji Ikeda said in an investor note.

PILOT OF PLANE IN VA CRASH LOST CONTACT WITH AIR TRAFFIC CONTROL MINUTES AFTER TAKEOFF: FEDS

GitLab's stock rose as much as 35.4%, its biggest one-day percentage jump since the company went public in 2021. It was up 31.8% at $46.66 at mid-afternoon.

GitLab said on Monday its first-quarter revenue jumped 45% to $126.9 million, beating the Refinitiv consensus estimate and the company's earlier forecasts. Multiple analysts raised their price targets for GitLab's stock on the news.

Eighteen analysts on average recommended buying GitLab shares, and set a median price target of $53.50, according to Refinitiv.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.