Cellebrite DI (NASDAQ:CLBT) Hits New 12-Month High After Analyst Upgrade

Shares of Cellebrite DI Ltd. (NASDAQ:CLBT) hit a new 52-week high on Wednesday after Needham & Company LLC raised their price target on the stock from $21.00 to $28.00. Needham & Company LLC currently has a buy rating on the stock. Cellebrite DI traded as high as $23.50 and last traded at $24.13, with a volume of 2012 shares traded. The stock had previously closed at $23.14.

A number of other analysts have also weighed in on the stock. Craig Hallum increased their price objective on shares of Cellebrite DI from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. boosted their price target on shares of Cellebrite DI from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $21.57.

Hedge Funds Weigh In On Cellebrite DI

A number of institutional investors and hedge funds have recently made changes to their positions in CLBT. FMR LLC raised its stake in Cellebrite DI by 136.3% in the third quarter. FMR LLC now owns 5,616,757 shares of the company’s stock valued at $94,586,000 after buying an additional 3,239,307 shares in the last quarter. Meitav Investment House Ltd. raised its position in shares of Cellebrite DI by 29.7% during the 3rd quarter. Meitav Investment House Ltd. now owns 2,066,322 shares of the company’s stock worth $34,797,000 after acquiring an additional 473,293 shares in the last quarter. Pembroke Management LTD lifted its stake in Cellebrite DI by 24.3% during the third quarter. Pembroke Management LTD now owns 1,908,345 shares of the company’s stock worth $32,137,000 after purchasing an additional 372,619 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Cellebrite DI in the third quarter valued at approximately $23,402,000. Finally, Two Sigma Advisers LP increased its stake in Cellebrite DI by 9.8% in the third quarter. Two Sigma Advisers LP now owns 1,341,100 shares of the company’s stock valued at $22,584,000 after purchasing an additional 120,000 shares during the last quarter. 45.88% of the stock is owned by institutional investors and hedge funds.

Cellebrite DI Stock Performance

The firm’s 50-day moving average price is $20.85 and its two-hundred day moving average price is $17.71. The firm has a market cap of $4.95 billion, a PE ratio of -15.51, a P/E/G ratio of 3.36 and a beta of 1.46.

Cellebrite DI (NASDAQ:CLBT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The firm had revenue of $106.90 million during the quarter, compared to analysts’ expectations of $102.06 million. Cellebrite DI had a negative net margin of 82.28% and a positive return on equity of 122.59%. Cellebrite DI’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 earnings per share. As a group, sell-side analysts predict that Cellebrite DI Ltd. will post 0.32 earnings per share for the current fiscal year.

About Cellebrite DI

Cellebrite DI Ltd. develops solutions for legally sanctioned investigations in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company's DI suite of solutions allows users to collect, review, analyze, and manage digital data across the investigative lifecycle with respect to legally sanctioned investigations used in various cases, including child exploitation, homicide, anti-terror, border control, sexual crimes, human trafficking, corporate security, cryptocurrency, and intellectual property theft.