Cellebrite DI (NASDAQ:CLBT) Receives "Buy" Rating from DA Davidson

Key Points

• DA Davidson reiterated its “Buy” rating on Cellebrite DI and set a $15 price target, implying approximately 31% upside from the stock’s $11.43 price. Analysts overall rate the shares “Moderate Buy,” with an average target of $16.70.
• Other analysts have recently lowered their price targets, although five analysts maintain Buy ratings compared with one Sell rating. Cellebrite shares were down 2.1% and remain below their 50-day and 200-day moving averages.
• Insiders sold 329,658 shares worth nearly $5.0 million over the past three months, including a sale of 139,713 shares by CEO Thomas Hogan. Institutional investors and hedge funds own approximately 45.9% of the company.

Cellebrite DI (NASDAQ:CLBT - Get Free Report)'s stock had its "buy" rating reiterated by DA Davidson in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $15.00 target price on the stock. DA Davidson's price target points to a potential upside of 31.29% from the stock's current price.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. dropped their price objective on Cellebrite DI from $20.00 to $16.00 and set an "overweight" rating on the stock in a research note on Friday, August 14th. Weiss Ratings downgraded shares of Cellebrite DI from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 27th. Needham & Company LLC reduced their target price on shares of Cellebrite DI from $15.00 to $12.50 and set a "buy" rating for the company in a research note on Friday, August 14th. Finally, Lake Street Capital decreased their target price on Cellebrite DI from $21.00 to $15.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. Five equities research 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, Cellebrite DI has an average rating of "Moderate Buy" and an average target price of $16.70.

Cellebrite DI Trading Down 2.1%

Shares of NASDAQ:CLBT opened at $11.43 on Tuesday. The stock has a market capitalization of $2.85 billion, a PE ratio of 51.82, a P/E/G ratio of 1.72 and a beta of 1.15. Cellebrite DI has a 1 year low of $9.58 and a 1 year high of $19.98. The firm has a fifty day moving average price of $13.58 and a 200 day moving average price of $13.60.

Insider Activity at Cellebrite DI

In related news, CEO Thomas Hogan sold 139,713 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $15.39, for a total value of $2,150,183.07. Following the completion of the transaction, the chief executive officer owned 790,548 shares in the company, valued at $12,166,533.72. The trade was a 15.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO David Gee sold 4,323 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $11.36, for a total value of $49,109.28. Following the sale, the chief marketing officer owned 135,281 shares of the company's stock, valued at approximately $1,536,792.16. The trade was a 3.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 329,658 shares of company stock valued at $4,970,967. Insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Cellebrite DI

Several institutional investors and hedge funds have recently made changes to their positions in CLBT. Voss Capital LP increased its holdings in shares of Cellebrite DI by 18.9% in the fourth quarter. Voss Capital LP now owns 8,050,000 shares of the company's stock valued at $145,142,000 after purchasing an additional 1,277,300 shares during the last quarter. Nine Ten Capital Management LLC lifted its holdings in Cellebrite DI by 19.8% during the 2nd quarter. Nine Ten Capital Management LLC now owns 4,126,808 shares of the company's stock worth $60,251,000 after purchasing an additional 682,933 shares during the last quarter. Granahan Investment Management LLC grew its holdings in Cellebrite DI by 16.3% in the 4th quarter. Granahan Investment Management LLC now owns 3,057,018 shares of the company's stock valued at $55,118,000 after buying an additional 427,719 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Cellebrite DI by 93.7% during the second quarter. Wellington Management Group LLP now owns 3,049,904 shares of the company's stock worth $44,529,000 after buying an additional 1,475,579 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Cellebrite DI by 14.7% in the first quarter. Renaissance Technologies LLC now owns 2,860,639 shares of the company's stock valued at $39,420,000 after acquiring an additional 365,700 shares in the last quarter. Institutional investors and hedge funds own 45.88% of the company's stock.

About Cellebrite DI

Cellebrite DI Ltd. NASDAQ: CLBT develops digital intelligence and digital forensics solutions for law enforcement, public safety, government agencies and enterprises. Its technology helps authorized users access, collect, protect and analyze digital evidence from mobile devices, computers, cloud environments and other connected sources.

The company's product portfolio includes UFED tools for mobile-device data collection, Inseyets for digital forensics investigations, and analytics and case-management solutions such as Pathfinder and Guardian.

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