GitLab Inc. (NASDAQ:GTLB) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its position in GitLab Inc. (NASDAQ:GTLB) by 111.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 336,317 shares of the company’s stock after acquiring an additional 176,967 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.21% of GitLab worth $17,334,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC boosted its position in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Future Financial Wealth Managment LLC bought a new position in shares of GitLab in the third quarter valued at approximately $52,000. Rakuten Securities Inc. increased its stake in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Quarry LP raised its holdings in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in GitLab in the third quarter worth approximately $96,000. 91.72% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GTLB. Morgan Stanley initiated coverage on GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Barclays upped their price target on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. TD Cowen lifted their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. UBS Group boosted their target price on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Wells Fargo & Company raised their price objective on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $66.38.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $62.15 on Thursday. The business’s 50-day simple moving average is $54.73 and its 200-day simple moving average is $51.32. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The firm has a market cap of $9.98 billion, a price-to-earnings ratio of -26.56 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter last year, the company posted ($0.29) earnings per share. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, equities research analysts forecast that GitLab Inc. will post -0.41 earnings per share for the current year.

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.