Bank of New York Mellon Corp Trims Holdings in GitLab Inc. (NASDAQ:GTLB)

Bank of New York Mellon Corp cut its position in shares of GitLab Inc. (NASDAQ:GTLB) by 2.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 668,036 shares of the company’s stock after selling 14,145 shares during the quarter. Bank of New York Mellon Corp owned 0.41% of GitLab worth $37,644,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in GTLB. Y Intercept Hong Kong Ltd bought a new stake in GitLab in the third quarter valued at $678,000. State Street Corp increased its holdings in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the period. Barclays PLC increased its holdings in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas acquired a new position in shares of GitLab during the third quarter valued at $6,865,000. Finally, Barton Investment Management increased its holdings in shares of GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after purchasing an additional 167,290 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Trading Down 3.2 %

GTLB opened at $56.38 on Friday. The stock’s 50 day simple moving average is $64.31 and its 200-day simple moving average is $58.90. The stock has a market cap of $9.15 billion, a PE ratio of -176.19 and a beta of 0.67. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last 90 days. 21.36% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GTLB. TD Cowen lifted their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Macquarie restated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Tuesday. Truist Financial reiterated a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Piper Sandler lifted their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company lifted their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.