JAKARTA - GitLab Inc's shares jumped more than 35% on Tuesday 6 June after the software development platform announced plans to launch artificial intelligence-based (AI) products that will increase revenue.
GitLab, which is widely used by software developers for programming work, will add the "ModelOps" feature to its main "DevSecOps" platform with new capabilities including codewriting suggestions. This product is expected to launch this year at a price of 9 US dollars (Rp 140 thousand) per month, GitLab said on Monday night, June 5.
"This product... has the potential to drive healthy growth in the FY25," wrote Bank of America analyst Koji Ikeda in an investor note.
GitLab shares rose to 35.4%, the biggest percentage increase in one day since the company took the floor on the stock exchange in 2021. At noon, its shares rose 31.8% to 46.66 US dollars (Rp694 thousand).
GitLab announced Monday that its first-quarter revenue jumped 45% to USD 126.9 million, beating Refinitiv's consensus forecasts and the company's initial forecast. Some analysts raised GitLab's share price target after the news.
Eight analysts on average recommend buying GitLab shares, with a median price target of 53.50 US dollars (Rp795 thousand), according to Refinitiv.
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