Connor Clark & Lunn Investment Management Ltd. Has $8.46 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 55.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,097 shares of the company’s stock after selling 186,220 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.09% of GitLab worth $8,458,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Franklin Resources Inc. lifted its holdings in GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. State Street Corp raised its stake in shares of GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Bamco Inc. NY boosted its holdings in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares in the last quarter. Finally, ARK Investment Management LLC grew its position in GitLab by 345.2% during the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock worth $65,394,000 after acquiring an additional 899,823 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 730,257 shares of company stock valued at $44,034,967. 21.36% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Scotiabank raised their price target on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Canaccord Genuity Group lifted their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Morgan Stanley upped their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average price target of $75.38.

GitLab Trading Up 4.2 %

Shares of GTLB stock opened at $52.08 on Friday. The firm’s fifty day moving average price is $63.76 and its two-hundred day moving average price is $59.15. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18. The firm has a market capitalization of $8.45 billion, a P/E ratio of -162.75 and a beta of 0.67.

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.