Bank of New York Mellon Corp Purchases 39,550 Shares of GitLab Inc. $GTLB

Bank of New York Mellon Corp increased its holdings in GitLab Inc. (NASDAQ:GTLB) by 6.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 678,598 shares of the company’s stock after acquiring an additional 39,550 shares during the period. Bank of New York Mellon Corp’s holdings in GitLab were worth $30,612,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GTLB. Bank of Montreal Can boosted its position in GitLab by 146.9% in the second quarter. Bank of Montreal Can now owns 27,823 shares of the company’s stock worth $1,255,000 after purchasing an additional 16,552 shares during the last quarter. Ceera Investments LLC bought a new stake in shares of GitLab during the 2nd quarter worth $5,431,000. Pier Capital LLC boosted its holdings in shares of GitLab by 36.9% in the 2nd quarter. Pier Capital LLC now owns 184,870 shares of the company’s stock worth $8,339,000 after buying an additional 49,810 shares during the last quarter. Strs Ohio bought a new position in GitLab during the second quarter valued at about $1,000,000. Finally, Amalgamated Bank increased its holdings in GitLab by 14.1% during the second quarter. Amalgamated Bank now owns 9,737 shares of the company’s stock worth $439,000 after buying an additional 1,200 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other GitLab news, CAO Simon Mundy sold 5,191 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $43.99, for a total value of $228,352.09. Following the sale, the chief accounting officer directly owned 53,507 shares in the company, valued at $2,353,772.93. This represents a 8.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $44.29, for a total transaction of $4,809,894.00. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,224,362 shares of company stock worth $59,828,897. Insiders own 16.37% of the company’s stock.

GitLab Stock Down 5.3%

Shares of NASDAQ GTLB opened at $43.97 on Friday. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The business has a 50-day simple moving average of $47.39 and a two-hundred day simple moving average of $46.25. The company has a market cap of $7.33 billion, a P/E ratio of -1,099.25 and a beta of 0.74.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.19). GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. The company had revenue of $236.00 million for the quarter, compared to the consensus estimate of $227.20 million. During the same quarter in the prior year, the company earned $0.15 earnings per share. The company’s quarterly revenue was up 29.2% on a year-over-year basis. GitLab has set its FY 2026 guidance at 0.820-0.830 EPS. Q3 2026 guidance at 0.190-0.200 EPS. Equities research analysts anticipate that GitLab Inc. will post -0.31 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on GTLB. KeyCorp dropped their target price on shares of GitLab from $60.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, September 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of GitLab in a report on Wednesday, October 8th. Truist Financial lowered their target price on GitLab from $75.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, September 4th. Raymond James Financial dropped their price target on GitLab from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday, September 4th. Finally, Guggenheim began coverage on GitLab in a research note on Thursday, September 11th. They set a “buy” rating and a $70.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.83.

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.