BTIG lowered the firm’s price target on GitLab to $58 from $71 and keeps a Buy rating on the shares. The company’s Q1 results were “solid” and its FY25 guidance was raised, though investors are also pushing back on some of the underlying trends that include slowing billings growth from 35% in Q4 to 21%, the analyst tells investors in a research note. GitLab also only added $6M in net new CRPO, or Current Remaining Performance Obligation, in Q1 vs $24M in Q1 of the prior year, the firm added.
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