GOOGL
GTLB
The bell is about to ring
GitLab is headed into its Q2 earnings print after the closing bell on Tuesday, Sept. 1, and analysts are already doing their little pre-game choreography. The consensus now points to 18 cents per share on $273.36 million in revenue, which would be a nice step up from last year’s $235.96 million revenue base.
Wall Street can’t stop adjusting the vibe
This is one of those moments where the Street is basically saying, “We don’t know exactly how good it’ll be, but we’re feeling better about it.” In the last week, a bunch of firms leaned more constructive:
- Cantor Fitzgerald kept a Neutral and lifted its target from $35 to $50
- BTIG stayed Buy and raised its target from $36 to $52
- TD Cowen kept Hold and moved its target from $29 to $42
- JPMorgan stayed Neutral and nudged its target from $32 to $44
- Wells Fargo held Equal-Weight and boosted its target from $26 to $40
That’s a lot of target hiking for a stock still trying to prove this isn’t just another SaaS name riding the AI hype train in a fake mustache.
Why the Google Cloud piece matters
Back on June 10, GitLab expanded its partnership with Alphabet’s Google Cloud by launching a fully managed GitLab offering for enterprises with strict data sovereignty and compliance needs. Translation: GitLab is trying to make itself easier to buy for the kinds of customers that hate messy infrastructure and love ticking compliance boxes.
If the earnings report shows that customers are actually buying what GitLab is selling, the stock could get a nice credibility bump. If not, well, analysts can only polish the price targets so much.
Big picture
GitLab doesn’t need a miracle here — it needs proof that its enterprise and cloud pitch is turning into durable revenue. Tonight’s print is basically a referendum on whether the company is becoming a must-have dev tool or just another promising software story with a good slide deck.