Piper Sandler Upgrades Clearwater Analytics (NYSE:CWAN) to “Overweight”

Clearwater Analytics (NYSE:CWAN) was upgraded by equities researchers at Piper Sandler to an “overweight” rating in a report issued on Tuesday, June 24th, MarketBeat Ratings reports. The firm currently has a $27.00 price target on the stock. Piper Sandler’s price target indicates a potential upside of 19.39% from the company’s previous close.

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

Clearwater Analytics Stock Up 0.2%

CWAN stock traded up $0.05 during mid-day trading on Tuesday, hitting $22.62. 1,119,238 shares of the company were exchanged, compared to its average volume of 2,564,822. 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 cap of $6.41 billion, a P/E ratio of 13.46, a P/E/G ratio of 4.45 and a beta of 0.74. The firm’s 50 day simple moving average is $22.76 and its 200 day simple moving average is $25.42. Clearwater Analytics has a 1-year low of $17.63 and a 1-year high of $35.71.

Clearwater Analytics (NYSE:CWAN) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. The company had revenue of $126.86 million during the quarter, compared to analysts’ expectations of $125.11 million. Clearwater Analytics had a net margin of 90.18% and a return on equity of 5.22%. The business’s quarterly revenue was up 23.5% on a year-over-year basis. During the same period last year, the business earned $0.10 EPS. On average, sell-side analysts predict that Clearwater Analytics will post 0.18 EPS for the current fiscal year.

Insider Transactions at Clearwater Analytics

In other news, CTO Souvik Das sold 5,273 shares of the company’s stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $21.67, for a total transaction of $114,265.91. Following the transaction, the chief technology officer directly owned 142,549 shares of the company’s stock, valued at $3,089,036.83. This represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 in the company, valued at $19,507,776.50. The trade was a 5.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 239,407 shares of company stock valued at $5,482,987. 3.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Clearwater Analytics

A number of institutional investors have recently modified their holdings of CWAN. Wellington Management Group LLP raised its position in shares of Clearwater Analytics by 98.2% during the fourth quarter. Wellington Management Group LLP now owns 5,954,485 shares of the company’s stock worth $163,867,000 after purchasing an additional 2,950,555 shares during the period. Alliancebernstein L.P. raised its position in Clearwater Analytics by 66.0% in the 4th quarter. Alliancebernstein L.P. now owns 7,373,942 shares of the company’s stock valued at $202,931,000 after buying an additional 2,931,445 shares during the last quarter. Vanguard Group Inc. raised its position in Clearwater Analytics by 13.3% in the 4th quarter. Vanguard Group Inc. now owns 20,879,597 shares of the company’s stock valued at $574,607,000 after buying an additional 2,455,844 shares during the last quarter. Norges Bank purchased a new stake in Clearwater Analytics in the 4th quarter valued at $59,402,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in Clearwater Analytics in the 1st quarter valued at $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.