Citigroup Increases Cricut (NASDAQ:CRCT) Price Target to $9.00

Cricut (NASDAQ:CRCTGet Rating) had its price objective increased by research analysts at Citigroup to $9.00 in a research report issued on Tuesday, Stock Target Advisor reports. Citigroup’s price target would indicate a potential upside of 4.29% from the stock’s previous close.

Several other equities analysts also recently issued reports on the company. Morgan Stanley cut their price objective on Cricut from $5.70 to $5.00 and set an “underweight” rating for the company in a research report on Monday, October 17th. Barclays dropped their target price on Cricut from $7.00 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, August 11th.

Cricut Stock Performance

Shares of CRCT opened at $8.63 on Tuesday. The stock has a fifty day moving average price of $9.24 and a two-hundred day moving average price of $8.10. Cricut has a 52-week low of $5.88 and a 52-week high of $27.00. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 30.82 and a beta of 0.17.

Insider Buying and Selling

In related news, major shareholder Abdiel Capital Management, Llc acquired 11,740 shares of the firm’s stock in a transaction that occurred on Thursday, November 3rd. The stock was acquired at an average cost of $8.98 per share, with a total value of $105,425.20. Following the completion of the purchase, the insider now directly owns 14,597,643 shares in the company, valued at $131,086,834.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased a total of 152,701 shares of company stock valued at $1,313,718 over the last three months. Company insiders own 16.77% of the company’s stock.

Institutional Investors Weigh In On Cricut

A number of institutional investors have recently made changes to their positions in CRCT. Abdiel Capital Advisors LP grew its stake in shares of Cricut by 5.6% during the second quarter. Abdiel Capital Advisors LP now owns 14,548,434 shares of the company’s stock worth $89,327,000 after purchasing an additional 776,413 shares during the period. Goldman Sachs Group Inc. grew its stake in Cricut by 1,896.3% in the second quarter. Goldman Sachs Group Inc. now owns 312,041 shares of the company’s stock valued at $1,916,000 after acquiring an additional 296,410 shares during the period. Vanguard Group Inc. grew its stake in Cricut by 8.4% in the third quarter. Vanguard Group Inc. now owns 2,469,975 shares of the company’s stock valued at $22,872,000 after acquiring an additional 190,428 shares during the period. Millennium Management LLC grew its stake in Cricut by 129.4% in the second quarter. Millennium Management LLC now owns 158,777 shares of the company’s stock valued at $975,000 after acquiring an additional 89,554 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in Cricut in the second quarter valued at about $408,000. 16.40% of the stock is owned by institutional investors and hedge funds.

Cricut Company Profile

(Get Rating)

Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates in three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.

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