Cellebrite DI (NASDAQ:CLBT) Shares Gap Up After Earnings Beat

Cellebrite DI Ltd. (NASDAQ:CLBT)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $12.70, but opened at $13.37. Cellebrite DI shares last traded at $12.21, with a volume of 422,062 shares changing hands.

The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.09 by $0.08. Cellebrite DI had a net margin of 11.43% and a return on equity of 15.58%. The firm had revenue of $149.02 million during the quarter, compared to analyst estimates of $145.83 million.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CLBT shares. Weiss Ratings downgraded Cellebrite DI from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. cut their target price on Cellebrite DI from $20.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. Needham & Company LLC decreased their target price on Cellebrite DI from $15.00 to $12.50 and set a “buy” rating for the company in a report on Friday, August 14th. DA Davidson reiterated a “buy” rating and issued a $15.00 price target on shares of Cellebrite DI in a report on Tuesday, September 15th. Finally, Lake Street Capital lowered their price objective on shares of Cellebrite DI from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.70.

Insiders Place Their Bets

In other Cellebrite DI news, CRO Marcus Jewell sold 12,562 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $11.24, for a total transaction of $141,196.88. Following the completion of the sale, the executive owned 427,128 shares in the company, valued at $4,800,918.72. This trade represents a 2.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Barter sold 12,134 shares of Cellebrite DI stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $11.21, for a total value of $136,022.14. Following the sale, the chief financial officer owned 322,085 shares in the company, valued at $3,610,572.85. This represents a 3.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 56,516 shares of company stock worth $636,660 in the last quarter. Company insiders own 5.70% of the company’s stock.

Institutional Trading of Cellebrite DI

A number of hedge funds have recently made changes to their positions in the stock. Nine Ten Capital Management LLC raised its holdings in Cellebrite DI by 19.8% in the second quarter. Nine Ten Capital Management LLC now owns 4,126,808 shares of the company’s stock valued at $60,251,000 after acquiring an additional 682,933 shares in the last quarter. Wellington Management Group LLP grew its holdings in Cellebrite DI by 93.7% during the 2nd quarter. Wellington Management Group LLP now owns 3,049,904 shares of the company’s stock worth $44,529,000 after acquiring an additional 1,475,579 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Cellebrite DI by 14.7% during the 1st quarter. Renaissance Technologies LLC now owns 2,860,639 shares of the company’s stock worth $39,420,000 after acquiring an additional 365,700 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Cellebrite DI by 33.9% in the 1st quarter. Principal Financial Group Inc. now owns 2,156,166 shares of the company’s stock worth $29,712,000 after purchasing an additional 545,334 shares during the last quarter. Finally, Weiss Asset Management LP increased its position in shares of Cellebrite DI by 3,485.3% in the 1st quarter. Weiss Asset Management LP now owns 1,899,841 shares of the company’s stock worth $26,180,000 after purchasing an additional 1,846,851 shares during the last quarter. Institutional investors and hedge funds own 45.88% of the company’s stock.

Cellebrite DI Stock Performance

The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 55.08, a price-to-earnings-growth ratio of 1.94 and a beta of 1.06. The business’s 50 day moving average price is $11.62 and its 200-day moving average price is $13.27.

Cellebrite DI Company Profile

Cellebrite DI Ltd. develops digital intelligence software and services that help organizations access, collect, preserve and analyze digital evidence. Its tools are used to investigate information from mobile devices, computers, cloud sources and other digital systems. The company’s offerings include its UFED platform for extracting data from digital devices, Physical Analyzer for examining and interpreting evidence, and analytics and case-management tools such as Pathfinder and Guardian. Customers include law enforcement, public safety, intelligence and defense agencies, as well as organizations in the private sector.