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

Cellebrite DI Ltd. (NASDAQ:CLBT) gapped up prior to trading on Thursday following a stronger than expected earnings report. 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.

The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.08. Cellebrite DI had a return on equity of 15.58% and a net margin of 11.43%. The firm had revenue of $149.02 million for the quarter, compared to analysts’ expectations of $145.83 million.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nine Ten Capital Management LLC grew its stake 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 buying an additional 682,933 shares during the last quarter. Wellington Management Group LLP increased its position in Cellebrite DI by 93.7% in 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 during the period. Renaissance Technologies LLC increased its position in Cellebrite DI by 14.7% in the first quarter. Renaissance Technologies LLC now owns 2,860,639 shares of the company’s stock worth $39,420,000 after buying an additional 365,700 shares during the period. Principal Financial Group Inc. lifted its stake in Cellebrite DI by 33.9% in the first quarter. Principal Financial Group Inc. now owns 2,156,166 shares of the company’s stock valued at $29,712,000 after buying an additional 545,334 shares during the last quarter. Finally, Weiss Asset Management LP lifted its stake in Cellebrite DI by 3,485.3% in the first quarter. Weiss Asset Management LP now owns 1,899,841 shares of the company’s stock valued at $26,180,000 after buying 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 Price Performance

The company has a market cap of $3.01 billion, a price-to-earnings ratio of 55.08, a P/E/G ratio of 1.94 and a beta of 1.06. The firm’s fifty day moving average price is $11.62 and its 200-day moving average price is $13.27.

About Cellebrite DI

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.