Connor Clark & Lunn Investment Management Ltd. Sells 186,220 Shares of GitLab Inc. (NASDAQ:GTLB)

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of GitLab Inc. (NASDAQ:GTLB) by 55.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 150,097 shares of the company’s stock after selling 186,220 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in GitLab were worth $8,458,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after buying an additional 513 shares in the last quarter. True Wealth Design LLC bought a new stake in shares of GitLab in the third quarter valued at about $56,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab in the fourth quarter valued at about $66,000. Smartleaf Asset Management LLC increased its position in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after acquiring an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its stake in GitLab by 4,273.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock worth $74,000 after purchasing an additional 1,282 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now directly owns 121,893 shares in the company, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock worth $44,034,967 in the last quarter. 21.36% of the stock is owned by insiders.

GitLab Trading Up 4.2 %

GitLab stock opened at $52.08 on Friday. The company has a market capitalization of $8.45 billion, a PE ratio of -162.75 and a beta of 0.67. The stock has a 50-day moving average price of $63.76 and a two-hundred day moving average price of $59.15. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GTLB shares. KeyCorp increased their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. dropped their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Three research 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.38.

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.