Mizuho maintained a Neutral rating and $45 price target on Gitlab Inc (NASDAQ:GTLB) in a note after the company named Chris Weber as its chief revenue officer after the close on Tuesday.
In its press release, the company also reaffirmed its second-quarter and FY24 revenue and EPS guidance.
Weber will succeed GTLB's now-former CRO, Michael McBride, who will remain with the company until August 1 to help ensure a smooth transition. In addition, McBride will stay on as an independent consultant through the end of July 2024.
"It's worth noting that Mr. McBride, who had been at GTLB since 2018, is expected to take on an executive position at a venture capital firm," wrote Mizuho analysts. "As such, and while some investors may be a little uneasy about a Chief Revenue Officer change at this stage of the quarter, we doubt this move is a reflection of very recent business trends (and particularly since Mr. Weber was announced concurrently as the new CRO)."
"That being said, and irrespective of this announcement, we do continue to have concerns that execution may be choppy over the NTM and that the upside drivers may be limited."