Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 55.4% during the fourth 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 about 0.09% of GitLab worth $8,458,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTLB. GSA Capital Partners LLP acquired a new position in GitLab in the 3rd quarter valued at $1,055,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GitLab by 6,821.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company's stock worth $15,340,000 after acquiring an additional 293,332 shares during the period. Victory Capital Management Inc. boosted its position in shares of GitLab by 56.1% during the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock worth $18,155,000 after acquiring an additional 126,578 shares in the last quarter. OneDigital Investment Advisors LLC bought a new position in GitLab in the third quarter valued at approximately $200,000. Finally, Claro Advisors LLC acquired a new position in GitLab during the third quarter valued at approximately $811,000. 95.04% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts have recently issued reports on GTLB shares. Wells Fargo & Company lifted their price target on GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. DA Davidson decreased their target price on GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, February 28th. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial restated a "buy" rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $75.38.
Check Out Our Latest Stock Analysis on GTLB
GitLab Stock Performance
Shares of NASDAQ:GTLB traded up $1.71 during mid-day trading on Wednesday, reaching $51.60. 1,580,826 shares of the company's stock were exchanged, compared to its average volume of 2,934,797. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -161.25 and a beta of 0.67. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The business's fifty day moving average price is $63.36 and its 200-day moving average price is $59.29.
Insider Activity at GitLab
In related news, insider Robin Schulman sold 2,996 shares of the business's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 727,007 shares of company stock worth $43,843,249 over the last quarter. Company insiders own 21.36% of the company's stock.
About GitLab
(
Free Report)
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.
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