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

Bank of New York Mellon Corp reduced its holdings in GitLab Inc. (NASDAQ:GTLB) by 4.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 639,048 shares of the company’s stock after selling 28,988 shares during the quarter. Bank of New York Mellon Corp owned about 0.39% of GitLab worth $30,035,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares during the last quarter. CoreCap Advisors LLC boosted its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares in the last quarter. GAMMA Investing LLC boosted its stake in GitLab by 114.2% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock valued at $43,000 after purchasing an additional 490 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in shares of GitLab during the 4th quarter worth $46,000. Finally, True Wealth Design LLC lifted its holdings in shares of GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock valued at $73,000 after purchasing an additional 216 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Stock Performance

Shares of GTLB stock opened at $42.90 on Wednesday. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company has a 50 day moving average price of $46.22 and a 200 day moving average price of $52.65. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of 429.00 and a beta of 0.74.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 EPS. As a group, equities analysts forecast that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the completion of the transaction, the director directly owned 551,997 shares of the company’s stock, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.44, for a total value of $4,500,384.00. The disclosure for this sale can be found here. Insiders sold 401,350 shares of company stock valued at $18,582,585 over the last ninety days. 21.36% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GTLB shares. Scotiabank cut their target price on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a research note on Friday, June 6th. UBS Group decreased their price target on shares of GitLab from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, June 11th. Macquarie reiterated an “outperform” rating and set a $75.00 price target on shares of GitLab in a research report on Wednesday, June 25th. Royal Bank Of Canada restated an “outperform” rating and issued a $62.00 target price on shares of GitLab in a research report on Wednesday, June 25th. Finally, Barclays dropped their price target on shares of GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 11th. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $63.35.

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.