Connor Clark & Lunn Investment Management Ltd. Has $17.33 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 111.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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.’s holdings in GitLab were worth $17,334,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital Research Global Investors grew its stake in shares of GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock valued at $410,597,000 after purchasing an additional 3,096,437 shares during the period. Fiera Capital Corp grew its position in GitLab by 1.4% in the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after acquiring an additional 16,961 shares during the period. Renaissance Technologies LLC raised its stake in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after acquiring an additional 747,712 shares in the last quarter. Primecap Management Co. CA lifted its holdings in shares of GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after acquiring an additional 603,200 shares during the period. Finally, DNB Asset Management AS acquired a new stake in shares of GitLab in the 2nd quarter valued at $37,851,000. Institutional investors own 91.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on GTLB. Morgan Stanley initiated coverage on shares of GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target on the stock. TD Cowen raised their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Robert W. Baird lifted their price objective on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. BTIG Research increased their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Wells Fargo & Company lifted their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Three 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Trading Up 2.0 %

GitLab stock opened at $62.15 on Thursday. The firm has a market capitalization of $9.98 billion, a P/E ratio of -26.56 and a beta of 0.45. The business has a 50-day moving average of $54.73 and a 200-day moving average of $51.32. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.29) earnings per share. Research analysts anticipate that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. The trade was a 1.94 % 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 worth $10,569,356. Corporate insiders own 21.36% of the company’s stock.

About GitLab

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.