GitLab ( GTLB Quick Quote GTLB - Free Report) recently announced updates to GitLab Duo, including the beta of GitLab Duo Chat, which will be available in the GitLAb 16.6 November product release. GitLab Duo increases team communication while lowering the security and compliance risks associated with AI adoption by incorporating the whole software development lifecycle into a single AI-powered tool that prioritizes privacy and transparency. The GitLab Duo Chat helps users with real-time guidance, insights and suggestions to analyze code, assist with planning, fix security issues, troubleshoot CI/CD pipeline failures and assist with merge requests. The company also announced the general availability of GitLab Duo Code Suggestions in the GitLab 16.7 December product release. This will help operations teams in security and development purposes by creating and updating existing code to reduce cognitive load and improve efficiency, enabling them to build more secure and faster software. GitLab’s Prospects Remain Strong
GitLab shares have jumped 45.2% in the past six months, outperforming the Zacks
Internet Software industry’s increase of 15.7%.
GitLab is riding on a robust product portfolio that integrates AI-powered DevSecOps features into a single application to boost productivity. It enables businesses to create more reliable and functionality-packed mission-critical software.
According to GitLab's study, 83% of DevSecOps workers believe that adopting AI in their software development processes is critical to staying ahead of competitors, and 95% prioritize privacy and intellectual property protection when choosing an AI solution. The addition of GitLab Duo Chat adds to the momentum and focus on taking AI beyond code creation. To fully achieve AI's potential, it must be integrated throughout the software development lifecycle, allowing DevSecOps teams to benefit from increased security, efficiency, and cooperation. GitLab's Duo Code Suggestions helps boost the options for enabling an AI-enhanced software development lifecycle. The company plans to capture the large DevSecOps opportunity with strong go-to-market initiatives to drive responsible growth of the business. GitLab’s robust portfolio is helping it to win customers. Enterprises including NVIDIA ( NVDA Quick Quote NVDA - Free Report) , Alphabet’s ( GOOGL Quick Quote GOOGL - Free Report) Google and Dunelm Group ( DNLMY Quick Quote DNLMY - Free Report) have adopted GitLab’s solutions to accelerate AI development and streamline security. NVIDIA chose GitLab Geo to address scalability and security concerns. It lets NVIDIA's remote teams work more efficiently and effectively by shortening the time taken to clone and manage projects. GitLab and Alphabet have collaborated to integrate GitLab's unique capabilities within Google Cloud. This collaboration will combine GitLab's source code management, planning, CI/CD workflow, enhanced security, and compliance capabilities with Google's Cloud console and Artifact Registry's single data plane. Recently, Dunelm chose GitLab SaaS Ultimate to integrate tools and construct secure pipelines on AWS. It enabled Dunelm teams to execute automated scans within GitLab pipelines to effectively address issues. Strong Q2 Results, Outlook Positive
GitLab reported second-quarter fiscal 2024 revenues of $139.6 million, reflecting 38% growth year over year.
For third-quarter fiscal 2024, this Zacks Rank #3 (Hold) company expects total revenues between $140 million and $141 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The Zacks Consensus Estimate for third-quarter fiscal 2024 revenues is pegged at $140.71 million, indicating 24.54% growth year over year.