Bank of New York Mellon Corp Has $37.64 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Bank of New York Mellon Corp decreased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 2.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 668,036 shares of the company's stock after selling 14,145 shares during the period. Bank of New York Mellon Corp owned 0.41% of GitLab worth $37,644,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in shares of GitLab during the third quarter valued at $678,000. State Street Corp lifted its position in GitLab by 5.8% in the 3rd 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 last quarter. Barclays PLC grew its position in GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of GitLab in the third quarter valued at approximately $6,865,000. Finally, Barton Investment Management raised 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 buying an additional 167,290 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robin Schulman sold 2,996 shares of the business's stock in a transaction that occurred 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 sale, the insider now owns 129,223 shares of the company's stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 730,257 shares of company stock worth $44,034,967. Corporate insiders own 21.36% of the company's stock.

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Analyst Ratings Changes

A number of research analysts have issued reports on GTLB shares. Piper Sandler boosted their price target on GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. The Goldman Sachs Group increased their target price on shares of GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Canaccord Genuity Group upped their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Needham & Company LLC reiterated a "buy" rating and set a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Finally, Robert W. Baird cut their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.38.

GitLab Trading Up 1.9 %

GTLB stock traded up $0.95 during midday trading on Tuesday, reaching $51.94. The company had a trading volume of 2,590,512 shares, compared to its average volume of 3,038,670. The company has a 50 day moving average of $64.20 and a two-hundred day moving average of $59.11. The company has a market capitalization of $8.43 billion, a P/E ratio of -162.31 and a beta of 0.67. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18.

GitLab 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.