Connor Clark & Lunn Investment Management Ltd. Has $2.46 Million Position in Couchbase, Inc. $BASE

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Couchbase by 117.1% during the first quarter, now owning 155,957 shares valued at approximately $2.46 million.
• Analysts have downgraded Couchbase, with Wells Fargo & Company and DA Davidson both lowering their ratings from "strong-buy" to "hold," while raising price targets to around $24.50.
• Insiders sold a total of 134,084 shares of Couchbase stock in the last three months, with notable sales from Director Lynn M. Christensen and CFO William Robert Carey.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Couchbase, Inc. (NASDAQ:BASE - Free Report) by 117.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,957 shares of the company's stock after buying an additional 84,128 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.29% of Couchbase worth $2,456,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BASE. Hood River Capital Management LLC boosted its holdings in Couchbase by 38.2% in the fourth quarter. Hood River Capital Management LLC now owns 2,738,468 shares of the company's stock valued at $42,693,000 after acquiring an additional 756,394 shares during the last quarter. Wasatch Advisors LP boosted its position in shares of Couchbase by 72.0% in the 4th quarter. Wasatch Advisors LP now owns 1,703,267 shares of the company's stock worth $26,554,000 after purchasing an additional 712,936 shares during the last quarter. Congress Asset Management Co. bought a new position in shares of Couchbase in the 1st quarter worth $5,650,000. Voya Investment Management LLC boosted its position in shares of Couchbase by 13.9% in the 4th quarter. Voya Investment Management LLC now owns 1,604,396 shares of the company's stock worth $25,013,000 after purchasing an additional 195,434 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Couchbase by 26.4% in the 1st quarter. Deutsche Bank AG now owns 493,404 shares of the company's stock worth $7,771,000 after purchasing an additional 103,021 shares during the last quarter. 96.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BASE shares. William Blair lowered Couchbase from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 20th. Baird R W lowered Couchbase from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 23rd. DA Davidson lowered Couchbase from a "strong-buy" rating to a "hold" rating and reduced their price target for the stock from $25.00 to $24.50 in a research report on Friday, June 20th. Robert W. Baird reiterated a "neutral" rating and set a $25.00 target price (up from $22.00) on shares of Couchbase in a report on Monday, June 23rd. Finally, Rosenblatt Securities lowered Couchbase from a "strong-buy" rating to a "hold" rating and lifted their target price for the stock from $22.00 to $24.50 in a report on Friday, June 20th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $23.16.

Insider Buying and Selling

In other Couchbase news, CEO Matthew M. Cain sold 5,542 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $24.26, for a total value of $134,448.92. Following the sale, the chief executive officer owned 865,306 shares in the company, valued at $20,992,323.56. This represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lynn M. Christensen sold 7,933 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $20.01, for a total value of $158,739.33. Following the completion of the sale, the director owned 11,987 shares in the company, valued at $239,859.87. This represents a 39.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 134,084 shares of company stock worth $3,172,904. Insiders own 16.10% of the company's stock.

Couchbase Stock Performance

BASE traded up $0.03 on Monday, hitting $24.37. 221,288 shares of the company were exchanged, compared to its average volume of 867,664. Couchbase, Inc. has a 12 month low of $12.78 and a 12 month high of $25.16. The company has a market cap of $1.35 billion, a PE ratio of -17.78 and a beta of 0.93. The stock's fifty day moving average is $23.42 and its 200-day moving average is $19.11.

Couchbase (NASDAQ:BASE - Get Free Report) last released its earnings results on Tuesday, June 3rd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. Couchbase had a negative return on equity of 55.25% and a negative net margin of 33.23%. The business had revenue of $56.52 million for the quarter, compared to analyst estimates of $55.59 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. Couchbase's revenue was up 10.1% on a year-over-year basis. As a group, equities research analysts expect that Couchbase, Inc. will post -1.48 EPS for the current fiscal year.

Couchbase Company Profile

Couchbase, Inc provides cloud database platform for enterprise applications in the United States and internationally. Its database works in multiple configurations, ranging from cloud to multi- or hybrid-cloud to on-premise environments to the edge. The company offers Couchbase Capella, an automated and secure Database-as-a-Service that simplifies database management by deploying, managing, and operating Couchbase Server across cloud environments; and Couchbase Server, a multi-service NoSQL database, which provides SQL-compatible query language and SQL++ that allows for a various array of data manipulation functions.