Canaccord analyst Kingsley Crane lowered the firm’s price target on GitLab (GTLB) to $40 from $70 and keeps a Buy rating on the shares. The firm said its Q4 results featured a revenue beat of roughly $7M and a significant margin beat with non-GAAP operating margin of 20.5%, roughly 500bps above guidance. The quarter delivered the highest net new ARR in company history.
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