Mike Cikos, an analyst from Needham, maintained the Buy rating on Cellebrite DI (CLBT – Research Report). The associated price target is $13.00.
Mike Cikos has given his Buy rating due to a combination of factors concerning Cellebrite DI’s recent performance and forward-looking strategies. Cellebrite demonstrated a strong performance in the fourth quarter, surpassing key metrics and driving substantial revenue growth through Perpetual License and Professional Services. Looking ahead to the next calendar year, Cellebrite presents a clear and actionable strategy for continued growth, including an anticipated increase in Annual Recurring Revenue (ARR) supported by a consistent Net Revenue Retention (NRR) rate and additional growth from new customer acquisitions.
The company’s roadmap includes a strategic shift towards the Inseyets platform, which is projected to significantly increase the Average Selling Price (ASP) by 20%-35%. This transition is part of a broader initiative that includes increased go-to-market investments, particularly under the guidance of the new Chief Revenue Officer, Marcus Jewell, which aims at enhancing customer success both before and after sales. Additionally, the introduction of the Case-to-Closure (C2C) platform is expected to expand the total addressable market (TAM) and has already begun to positively influence customer engagement. These elements contribute to Cikos’s confidence in the stock’s potential and justify the Buy rating.
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Cellebrite DI (CLBT) Company Description:
Cellebrite offers digital intelligence solutions. Its platform and solutions help law enforcement agencies (police departments, armed services, public defenders, start departments) and enterprise customers to better collect, review, analyze, and manage digital data in legally sanctioned investigations.
Read More on CLBT:
- Cellebrite Announces Fourth-Quarter 2023 Results
- Cellebrite Revolutionizes Investigative Workflow with Groundbreaking End-to-End Platform to Solve More Cases Faster
- Cellebrite announces Case-to-Closure platform
- Operation Find Them All: Cellebrite Unites Philanthropic Pioneers to Accelerate Investigations of Crimes Against Children
- Cellebrite enters collaboration for investigations of crimes against children
