Clarivate (NYSE:CLVT) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Clarivate (NYSE:CLVTGet Rating) released its quarterly earnings data on Monday. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03, MarketWatch Earnings reports. Clarivate had a negative net margin of 10.35% and a positive return on equity of 4.62%. The business had revenue of $662.20 million for the quarter, compared to analysts’ expectations of $662.84 million. During the same quarter last year, the company earned $0.13 EPS. The company’s revenue for the quarter was up 54.6% compared to the same quarter last year. Clarivate updated its FY22 guidance to $0.85-0.95 EPS and its FY 2022 guidance to $0.85-$0.95 EPS.

Shares of CLVT opened at $14.49 on Tuesday. The business’s 50-day moving average price is $15.63 and its 200 day moving average price is $18.98. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $9.91 billion, a P/E ratio of -39.16 and a beta of 0.84. Clarivate has a 1-year low of $11.71 and a 1-year high of $34.79.

CLVT has been the topic of a number of recent analyst reports. Citigroup cut shares of Clarivate from a “buy” rating to a “neutral” rating and cut their price objective for the company from $35.00 to $16.00 in a research note on Friday, February 4th. The Goldman Sachs Group cut their price objective on Clarivate from $23.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, April 19th. Zacks Investment Research cut shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Wednesday, March 16th. Morgan Stanley reduced their price objective on shares of Clarivate from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, March 11th. Finally, TheStreet cut shares of Clarivate from a “c-” rating to a “d+” rating in a research note on Monday, March 14th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $19.50.

In related news, insider James Gordon Samson sold 16,000 shares of the company’s stock in a transaction that occurred on Monday, March 14th. The shares were sold at an average price of $14.13, for a total value of $226,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 24.88% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Morgan Stanley acquired a new position in Clarivate in the 2nd quarter valued at approximately $40,583,000. BlackRock Inc. grew its holdings in shares of Clarivate by 2.9% during the 4th quarter. BlackRock Inc. now owns 20,200,147 shares of the company’s stock valued at $475,107,000 after acquiring an additional 572,516 shares in the last quarter. Parametric Portfolio Associates LLC grew its holdings in shares of Clarivate by 100.1% during the 4th quarter. Parametric Portfolio Associates LLC now owns 259,105 shares of the company’s stock valued at $6,094,000 after acquiring an additional 129,628 shares in the last quarter. Sei Investments Co. increased its stake in shares of Clarivate by 20.0% in the fourth quarter. Sei Investments Co. now owns 677,066 shares of the company’s stock worth $15,924,000 after acquiring an additional 112,658 shares during the last quarter. Finally, Allstate Corp purchased a new stake in shares of Clarivate during the fourth quarter worth $1,237,000. Institutional investors and hedge funds own 90.87% of the company’s stock.

About Clarivate (Get Rating)

Clarivate Plc, an information services and analytics company, provides structured information and analytics for discovery, protection, and commercialization of scientific research, innovations, and brands. It offers Web of Science products and services, such as Web of Science, InCites, Journal Citation Reports, EndNote, ScholarOne, Converis, Publons, and Kopernio to organizations that plan, fund, implement, and utilize research; and Life Sciences products, including Cortellis and Newport Integrity for pharmaceutical and biotechnology companies to support research, market intelligence, and competitive monitoring in connection with the development and commercialization of new drugs.

Further Reading

Earnings History for Clarivate (NYSE:CLVT)

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