Piper Sandler Reiterates $27.00 Price Target for Clearwater Analytics (NYSE:CWAN)

Clearwater Analytics (NYSE:CWAN) received a $27.00 price objective from analysts at Piper Sandler in a report issued on Tuesday, June 24th, Marketbeat reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 20.35% from the company’s previous close.

CWAN has been the subject of a number of other research reports. The Goldman Sachs Group started coverage on Clearwater Analytics in a research report on Monday, May 19th. They issued a “neutral” rating and a $26.00 price target for the company. JPMorgan Chase & Co. started coverage on Clearwater Analytics in a research report on Friday, April 25th. They issued an “overweight” rating and a $28.00 price target for the company. Wells Fargo & Company dropped their price target on Clearwater Analytics from $35.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Oppenheimer dropped their price target on Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Wednesday, June 11th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Clearwater Analytics presently has a consensus rating of “Moderate Buy” and an average target price of $31.90.

Clearwater Analytics Stock Up 1.3%

Shares of CWAN traded up $0.30 during midday trading on Tuesday, hitting $22.44. The company had a trading volume of 1,916,089 shares, compared to its average volume of 2,544,568. The company’s 50-day simple moving average is $22.78 and its 200-day simple moving average is $25.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.09 and a current ratio of 5.09. The firm has a market capitalization of $6.36 billion, a P/E ratio of 13.38, a P/E/G ratio of 4.43 and a beta of 0.74. Clearwater Analytics has a 1 year low of $17.63 and a 1 year high of $35.71.

Clearwater Analytics (NYSE:CWAN) last released its earnings results on Wednesday, April 30th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Clearwater Analytics had a return on equity of 5.22% and a net margin of 90.18%. The business had revenue of $126.86 million for the quarter, compared to analyst estimates of $125.11 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 23.5% compared to the same quarter last year. As a group, sell-side analysts expect that Clearwater Analytics will post 0.18 EPS for the current year.

Insiders Place Their Bets

In other Clearwater Analytics news, CEO Sandeep Sahai sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $22.25, for a total value of $1,112,500.00. Following the transaction, the chief executive officer directly owned 876,754 shares of the company’s stock, valued at $19,507,776.50. This represents a 5.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Souvik Das sold 5,273 shares of the company’s stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $21.67, for a total value of $114,265.91. Following the completion of the transaction, the chief technology officer directly owned 142,549 shares in the company, valued at approximately $3,089,036.83. The trade was a 3.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 239,407 shares of company stock worth $5,482,987. 3.31% of the stock is owned by insiders.

Institutional Investors Weigh In On Clearwater Analytics

Several institutional investors and hedge funds have recently made changes to their positions in CWAN. Wellington Management Group LLP grew its stake in Clearwater Analytics by 98.2% during the 4th quarter. Wellington Management Group LLP now owns 5,954,485 shares of the company’s stock worth $163,867,000 after buying an additional 2,950,555 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Clearwater Analytics by 66.0% in the fourth quarter. Alliancebernstein L.P. now owns 7,373,942 shares of the company’s stock worth $202,931,000 after purchasing an additional 2,931,445 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Clearwater Analytics by 13.3% in the fourth quarter. Vanguard Group Inc. now owns 20,879,597 shares of the company’s stock worth $574,607,000 after purchasing an additional 2,455,844 shares in the last quarter. Norges Bank bought a new position in shares of Clearwater Analytics in the fourth quarter worth $59,402,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Clearwater Analytics during the first quarter valued at about $56,648,000. 50.10% of the stock is owned by institutional investors and hedge funds.

About Clearwater Analytics

Clearwater Analytics Holdings, Inc develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities in the United States and internationally.