GitLab's Solid Q2 Reflects New Logo Growth, Agentic Offerings, RBC Says

11:26 AM EDT, 09/02/2026 (MT Newswires) -- GitLab (GTLB) posted a strong fiscal Q2, with improving growth across new customers, small and medium-sized business stabilization, seat expansion and public-sector activity, while early traction from Flex and agentic offerings pointed to further acceleration, RBC Capital said in a note emailed Wednesday. RBC called the quarter's results as refreshingly optimistic and highlighted that fiscal 2027 guidance was moved higher across the board. Revenue rose 21.3% year over year to $286.3 million, beating consensus by 4.8%, as first orders grew more than 100% to about 1,700 and new-logo net annual recurring revenue increased about 39%, while sales capacity rose about 30% during the quarter, the firm noted. Flex saw early traction, with over 130 customers committing more than $20 million in the first six weeks, while agentic offerings gained momentum, according to the report. RBC maintained its sector perform rating on the stock and raised its price target to $60 from $46. GitLab shares were up 15% in Wednesday trading. Price: 52.16, Change: +7.07, Percent Change: +15.67