PNC Financial Services Group Inc. Acquires 9,589 Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN)

PNC Financial Services Group Inc. raised its holdings in Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 348.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,341 shares of the company’s stock after buying an additional 9,589 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Clearwater Analytics were worth $331,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CWAN. Envestnet Asset Management Inc. boosted its stake in shares of Clearwater Analytics by 15.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 427,274 shares of the company’s stock valued at $11,759,000 after purchasing an additional 55,762 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Clearwater Analytics by 29.1% in the 4th quarter. Legal & General Group Plc now owns 188,022 shares of the company’s stock valued at $5,174,000 after purchasing an additional 42,409 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Clearwater Analytics in the 4th quarter valued at $20,482,000. Townsquare Capital LLC boosted its stake in shares of Clearwater Analytics by 6.2% in the 4th quarter. Townsquare Capital LLC now owns 42,930 shares of the company’s stock valued at $1,181,000 after purchasing an additional 2,510 shares in the last quarter. Finally, Summit Investment Advisors Inc. boosted its stake in shares of Clearwater Analytics by 21.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,708 shares of the company’s stock valued at $515,000 after purchasing an additional 3,336 shares in the last quarter. Institutional investors own 50.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CWAN. Wells Fargo & Company reduced their price target on shares of Clearwater Analytics from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler set a $27.00 price objective on shares of Clearwater Analytics and gave the stock an “overweight” rating in a report on Tuesday, June 24th. Oppenheimer reduced their target price on shares of Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 11th. DA Davidson reduced their target price on shares of Clearwater Analytics from $36.00 to $34.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, JPMorgan Chase & Co. started coverage on shares of Clearwater Analytics in a research note on Friday, April 25th. They issued an “overweight” rating and a $28.00 target price on the stock. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Clearwater Analytics presently has a consensus rating of “Buy” and an average price target of $32.20.

Insider Activity

In other news, CEO Sandeep Sahai sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $22.15, for a total transaction of $1,107,500.00. Following the completion of the transaction, the chief executive officer directly owned 895,663 shares of the company’s stock, valued at $19,838,935.45. This trade represents a 5.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Scott Stanley Erickson sold 4,460 shares of the firm’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 $96,648.20. Following the transaction, the executive directly owned 15,776 shares of the company’s stock, valued at $341,865.92. This represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,107 shares of company stock worth $4,629,708. Corporate insiders own 3.31% of the company’s stock.

Clearwater Analytics Stock Performance

Shares of NYSE:CWAN opened at $19.24 on Friday. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 4.56 and a beta of 0.73. The firm’s 50 day simple moving average is $21.48 and its 200 day simple moving average is $24.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.02 and a quick ratio of 2.02. Clearwater Analytics Holdings, Inc. has a fifty-two week low of $17.98 and a fifty-two week high of $35.71.

Clearwater Analytics (NYSE:CWAN) last announced its earnings results on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $181.94 million for the quarter, compared to analyst estimates of $174.16 million. Clearwater Analytics had a return on equity of 3.23% and a net margin of 73.74%. The business’s quarterly revenue was up 70.4% on a year-over-year basis. During the same quarter last year, the business posted $0.10 earnings per share. As a group, sell-side analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current year.

Clearwater Analytics Profile

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.